Fannie Mae wants another Bailout
This week Government-owned Fannie Mae asked the federal government for another $7.8 billion for their July to September quarter. The company already has received more federal funds than any other private entity. Fannie complains it lost $7.6 billion last quarter because of low mortgage rates, lower profits, and an increasing amount of defaults by homeowners on loans that the company guaranteed them. In 2008, Fannie Mae and Freddie Mac were bailed out — or artificially propped up — through tax dollars, which numbered at least $169 billion. Upon receiving the funds, Fannie became property of the federal government, and has been run by a federal overseer.
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