The Fannie Mae Money Pit

Posted In: Housing, Mortgages, Taxes, U.S. Government, U.S. Treasury Dept.

Another quarter, another draw-down in taxpayer funds by Fannie Mae. Bloomberg’s Dawn Kopecki wrote today:

Fannie Mae, the mortgage buyer seized by regulators, plans to tap emergency U.S. capital for a fourth time this year, bringing its draws of taxpayer money to $60 billion as the company sees no immediate end to its losses.

Fannie Mae will seek $15 billion in Treasury Department financing after posting an $18.9 billion third-quarter net loss, according to a Securities and Exchange Commission filing late yesterday. The Washington-based company, which posted $101.6 billion in losses over the previous eight quarters, has already tapped $44.9 billion from the $200 billion emergency lifeline.

Fannie Mae

Source:

“Fannie’s Draws From Emergency Treasury Fund Reach $60 Billion”
Dawn Kopecki
Bloomberg, November 6, 2009

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