Fannie Mae: a bottomless pit for U.S. taxpayers

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Bloomberg has the goods on Fannie and they’re not good. Fannie’s regulator wants $19 billion from the U.S. government because the firm has negative capital. Fannie Mae had $23.2 billion in losses last quarter alone. And it says losses in 2009 will be worse than 2008.  Nice.

Here’s the money quote: “Fannie says it does not see itself operating profitably for the foreseeable future.”

Video below.

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