9.5 C
New York
Thursday, April 18, 2024
HomePerspectives
Perspectives

Fannie Mae Loses $18 BILLION, Needs $15 BILLION More In Aid

By Ilene
0
150

Fannie Mae Loses $18 BILLION, Needs $15 BILLION More In Aid (FNM)

money hole

Courtesy of Joe Weisenthal at Clusterstock

Just to be clear, Fannie Mae (FNM) is still a total sinkhole.

————-

WASHINGTON (AP) — Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as taxpayers’ bill from the housing market bust keeps getting bigger.

The mortgage finance company, seized by federal regulators in September 2008, posted a quarterly loss of $19.76 billion, or $3.47 per share. The loss includes $883 million in dividends paid to the Treasury Department and compares with a loss of $29.41 billion, or $13 per share, in the year-ago period.

The results were driven by $22 billion in credit losses as the company continued to build its reserves for sour mortgages.

The request for federal aid is the company’s fourth. Fannie Mae has received about $45 billion. The new request will bring that total to $60 billion.

fannie mae

See Also:

 

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,359FansLike
396,312FollowersFollow
2,290SubscribersSubscribe

Latest Articles

Load more

Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Contact us: support@philstockworld.com

© Copyright - PSW, LLC.

2024
0
Would love your thoughts, please comment.x
()
x