LakeCumberlandBoaters.com

Here we go again!!

Mortgage giant Fannie Mae (FNM: 1.06, 0.04, 3.92%) bled another $13.1 billion during the first quarter, prompting the U.S.-owned company to request another $8.4 billion cash infusion from the Treasury Department.

Fannie Mae, which was placed into conservatorship in 2008 amid enormous mortgage losses, said it lost $13.1 billion, or $2.29 a share, last quarter, compared with a loss of $16.3 billion, or $2.87 a share, during the fourth quarter of 2009.

Fannie said it purchased or guaranteed about $191.4 billion in loans during the first quarter and completed 94,000 loan modifications. The company said its purchases and guarantees financed about 516,000 conventional single-family loans and about 61,000 multifamily units.

Due to the heavy losses, Fannie said the Federal Housing Finance Agency has asked the Treasury Department for $8.4 billion on or before June 30. Fannie already received $15.3 billion at the end of 2009. Last week sister company Freddie Mac said it would need another $10.6 billion from the government.

article:
http://www.foxbusiness.com/story/market ... n-quarter/

So when the Government gets into the Banking Business, For Political Purposes ???

Kind of Like the Postal system, Heck, they do not have to follow the rules of the Common working man and woman ??? Heck no, The Public just bales them out each and every year 1

Wow, that is a hard hitting article

E_HILLMAN wrote:Wow, that is a hard hitting article

YEP E.

YOUR Screwed for LIFE

I think it was 20/20 the other night talking about homeowners walking away from their homes. The value has declined so much that it is not worth making any more payments. One man paid $400,000.00 for his home and it is now worth $80,000.00. They had several examples. So he just packed his stuff and walked. He is able to pay the mortgage, but says it is not worth it. This is going to have a huge impact on all of us. Now you look at the banks and the Fannies who have an outstanding mortgage that was at the $400K and a property that is worth $80K. What would you do? I sure would not continue to pay the $400K for an $80K property. We have only seen the beginning of the end for many of these banks and mortgage companies. I am against bail-outs, But now what do we do. Our homes could be next. At my age I am very concerned. My home was appraised at $275,00.00 about 5 years ago. I am afraid to get another now, it might be worth half that.

My home value has gone up 50k from what I paid for it in 1999. I guess it just depends on the deal you get. And if the value went down and I still owed for it I would still pay it off as it is my burden and deal I took on myself.