Looks like Fannie Mae needs more money from our taxpayers to support the housing orgy we ran in the United States during the first half of this decade. How many times does this company need become insolvent for our representatives to realize housing is a nice goal for our citizens but it can not be a government institution that becomes another welfare draw on the state especially when we are dealing with a dollar falling in value and huge budget deficits for as far as the eye can see.
Fannie Mae, operating under a federal conservatorship, said it will seek $15 billion in aid from the U.S. Treasury as its ninth straight quarterly loss once again drove the mortgage-finance company’s net worth below zero.
A third-quarter net loss of $18.9 billion, or $3.47 a share, pushed the company to request its fourth draw on a $200 billion lifeline from the government, Washington-based Fannie Mae said in a filing today with the Securities and Exchange Commission.
Analysis: Its time to close up shop and get the government out of the mortgage market. If people can not afford housing with normal and prudent lending standards then our government should focus on increasing income and opportunity for its people than lowering lending standards and subsidizing the losses on imprudent home loans.