Academic

FANNIE MAE: NOW HOW MUCH WOULD YOU PAY? It seems like it was just five days ago that you had to ?

By Glenn Reynolds

FANNIE MAE: NOW HOW MUCH WOULD YOU PAY?

It seems like it was just five days ago that you had to pony up another $10.6 billion for the government-owned mortgage guarantor Freddie Mac, after the former GSE reported an $8 billion loss.

I hope you got your money’s worth, because today Freddie’s moronic fraternal twin Fannie Mae is hitting you up for another $8.4 billion, having managed to lose more than $11.5 billion in the first quarter — plus a $1.5 billion dividend it paid to the Department of the Treasury for assistance, bringing its total lose in the quarter to $13.1 billion.

The bad news is that that’s the good news. Fannie lost nearly twice as much — $23.2 billion — in the first quarter of 2009. All told, the failed mortgage underwriter lost a whopping $72 billion last year. The worse news is that there is no conceivable end to these losses.

Read the whole thing.

Full post as published by Instapundit.com on May 11, 2010 (boomark / email).