Fannie Demands Another $5.1 Billion In Aid From Treasury In Q2, $103.8 Billion Total Since Conservatorship

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Fri, 08/05/2011 - 07:53 | 1526160 Id fight Gandhi
Id fight Gandhi's picture

Oh Fannie is fine. Barney frank told me so a few years ago. He wouldn't lie. Right???

Fri, 08/05/2011 - 07:56 | 1526164 Mike2756
Mike2756's picture

Enough is enough, put them out of their misery.

Fri, 08/05/2011 - 08:08 | 1526188 ratso
ratso's picture

Fairness demands that George Bush write the check for this personally.  It is high time that he was held accountable for at least one of the grand mistakes and disasters that occurred under his watch.

Or, should we taxpayers continue to bail out his legacy - of so...



Fri, 08/05/2011 - 09:00 | 1526377 hedgeless_horseman
hedgeless_horseman's picture

 And wasn't it pathological liar Tim Geithner who himself said a month ago that the GSEs are no longer a burden on the Treasury? Perhaps he can explain the chart below taken from the company's announcement.

In government, elections have consequences, but apparently lies do not.

Fri, 08/05/2011 - 09:49 | 1526571 ratso
ratso's picture

Did you forget about the dead silence from the Republicans in Congress when DIck Cheney said "Deficits don't matter"? 

There's plenty of rock to go around, how about just owning some of the truth.

Fri, 08/05/2011 - 09:03 | 1526396 trav7777
trav7777's picture

so at what point will anything have happened "under Obama's watch"?

Fri, 08/05/2011 - 10:21 | 1526685 MachoMan
MachoMan's picture

when things happening under his watch are no longer labeled racist.

Fri, 08/05/2011 - 08:09 | 1526195 Cash_is_Trash
Cash_is_Trash's picture

Dear Sir,

Misery is bullish.


Central Economic Planning Command for Global Prosperity

Fri, 08/05/2011 - 09:02 | 1526384 trav7777
trav7777's picture

can't do would be a blackpocalypse, because about half of the FNM employees are black.  Every effort must be expended to persist and maintain the artificial black middle class, even running companies that lose billions.

Fri, 08/05/2011 - 07:59 | 1526175 GeneMarchbanks
GeneMarchbanks's picture

Dismal. These Zombies are a huge reason why the Japan comparison is made as a reference point. Sadly, thinking that this can go on in a country like the US is the biggest mistake an analcyst can make; ala Mish.

War. Some kind of war. And soon.

Fri, 08/05/2011 - 08:13 | 1526201 Cash_is_Trash
Cash_is_Trash's picture

Some kind of war

How about that 'non-war' in Libya? Yeah, THAT war.

And I don't think the U.S. is winning it.

Fri, 08/05/2011 - 10:17 | 1526672 nowhereman
nowhereman's picture

Does anyone really bother to read Mish anymore?

Fri, 08/05/2011 - 08:02 | 1526180 kito
kito's picture

but my local realtor told me it was a good time to buy--and they gave me free coffee and a pen....

Fri, 08/05/2011 - 08:03 | 1526183 Flakmeister
Flakmeister's picture

Somebody had to be left holding the bag... Fannie and Freddie boards didn't know or care what was going on as long as their bonus checks were still rolling in...

Let's call it the socialization of losses....

Fri, 08/05/2011 - 08:27 | 1526239 tarsubil
tarsubil's picture

Hey, at least Fannie and Freddie are generating dividends. I mean you have to make an investment to reap the rewards...

The best was when the former head of Fannie was called to Congress and he said Fannie made all kinds of money during his time there which ended right before everything imploded. He was very confident in the fact that he deserved all money he was given.

Fri, 08/05/2011 - 09:02 | 1526387 hedgeless_horseman
hedgeless_horseman's picture

...generating dividends.

You mean wealth transfer, right?

Fri, 08/05/2011 - 11:55 | 1527107 tarsubil
tarsubil's picture

I think TPTB do such a good job sliding the shells around that I have no idea where the pea is or if there is a pea anywhere at all. Or in other words, I have no idea what this should be called other than crazy.

Fri, 08/05/2011 - 13:06 | 1527464 Doyle Hargraves
Doyle Hargraves's picture

If there is a pea anywhere the debt brotha says you better eat it!!!

Fri, 08/05/2011 - 08:40 | 1526270 Bob
Bob's picture

Now you're just getting all caught up in reality.  If losses are recognized and balance sheets "balanced," Mr. Market will commit hari-kari.

Markets.must.not.drop. It's for our own good!

Apparently our collective lives depend upon it. And everybody knows. 

So who needs reality any more?

Fri, 08/05/2011 - 10:22 | 1526687 nowhereman
Fri, 08/05/2011 - 08:10 | 1526194 oogs66
oogs66's picture

but their debt doesn't count against the debt ceiling limit because clearly we don't guarantee them :D  enron would be proud

Fri, 08/05/2011 - 08:13 | 1526200 slaughterer
slaughterer's picture

A good deal of Fannie Mae's losses stem from the dividend they pay to the government, which the government returns through these quarterly handouts.   This is another Ponzi.

Fri, 08/05/2011 - 08:30 | 1526245 tarsubil
tarsubil's picture

Hur? It seems the quarterly handouts predate the dividends.

Fri, 08/05/2011 - 09:23 | 1526486 Debt-Penitent
Debt-Penitent's picture

We are focused on reducing taxpayer exposure by limiting our credit losses and building a strong new book of business.

...i.e. "Liabilities" to the taxpayer.  Hey, why doesn't Freddie and Fannie show on the big debt count?  We have to show our liabilities on our sheets.

Fri, 08/05/2011 - 08:11 | 1526196 pepperspray
pepperspray's picture

Fuck angry birds

Fri, 08/05/2011 - 08:19 | 1526212 Mike2756
Mike2756's picture

Angry kleptocrat birds?

Fri, 08/05/2011 - 08:11 | 1526197 wang (not verified)
wang's picture

David (Meet the Press) Gregory was just on Bloomberg

republican hardline on debt reason  for market declines but the good news according to the anchor who some say looks like a chimp was that the Dow is up over Obama's tenure

Fri, 08/05/2011 - 08:39 | 1526281 Bob
Bob's picture

The politicians and corporate media talking heads, having installed Mr. Market as the impersonal and unimpeachable Arbiter of Truth, are now pointing to his recent squawks and contortions as proof that "The Market," dissatisfied with the deficit deal, is demanding further "stimulative" tax cuts and decreased government spending. 

Get money to the "job creators" while there's still time!  Never let a crisis go to waste. 

We'll be sacrificing virgins to Mr. Market before it's over.

Fri, 08/05/2011 - 08:11 | 1526198 Buckaroo Banzai
Buckaroo Banzai's picture

The gift that keeps on taking.

Fri, 08/05/2011 - 08:13 | 1526202 spanish inquisition
spanish inquisition's picture

Looks like executive bonuses are safe for another year!

Fri, 08/05/2011 - 08:11 | 1526203 Sir Real
Sir Real's picture

Here is a thought.

Setup a special commission to clawback all ill gotten gains during the financial crisis and pay down the debt?

GSEs would be a great place to start.  The dems and reps dirty laundry would be laid-out for all to see.

Next stop - TBTF.

Now that would be real change.

Fri, 08/05/2011 - 09:04 | 1526418 krispkritter
krispkritter's picture

How about we start smaller. Like with the douchebags who ran/run these moneysinks? Franklin Raines for starters. Strip them of everything, revoke their citizenship, and ship them off to Gitmo or Iraq. You wanna screw the American people? Well we can screw you back...

Fri, 08/05/2011 - 08:15 | 1526204 spankfish
spankfish's picture

QE2 is so old school... now QE3... that will be the new date rape drug of choice!

Fri, 08/05/2011 - 08:41 | 1526290 Rainman
Rainman's picture

F & F are Treasury backstopped to infinity ( approved by Congress Christmas Eve 2009 ). Not a creature was stirring... the commoners had sugar plums dancing in their heads.

Fri, 08/05/2011 - 09:03 | 1526388 PulauHantu29
PulauHantu29's picture

I read the total losses to Fannie and Freddie may reach over $600 Billion. So $103 Billion down, $500 Billion to print.

Add that to the $1 Trillion in student loans that are shakey and the taxpayers are on the Hook for alot of poor loans...and poor governance.

Fri, 08/05/2011 - 09:05 | 1526410 trav7777
trav7777's picture

the taxpayers sent shit like Barney Fag back to Congress over and over again

Fri, 08/05/2011 - 09:12 | 1526438 hedgeless_horseman
hedgeless_horseman's picture

“Every nation has the government it deserves.”
(“Toute nation a le gouvernement qu’elle mérite.”)

-Joseph DeMaistre (1753-1821)

Fri, 08/05/2011 - 09:10 | 1526423 jelyfish
jelyfish's picture

The longest backdoor bailout for the banks.  It seems to incentivise foreclosures ... chasing the PMI.

Fri, 08/05/2011 - 09:57 | 1526597 Chippewa Partners
Chippewa Partners's picture

The Definition of EPIC FAIL is Franklin Raines NOT in jail.

Fri, 08/05/2011 - 10:52 | 1526814 PulauHantu29
PulauHantu29's picture

All these corrupt companies will Suck the Tit for more and more Milk until it Bleeds.

Wed, 09/14/2011 - 04:52 | 1667428 chinawholesaler
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