They claim they will need billions every so often to stay afloat. http://www.washingtonpost.com/wp-dyn/content/article/2010/05/10/AR2010051002850.html?hpid=topnews
And guess what they will print this worthless fucking company more money. It makes no sense as to why they will continue to prop up worthless companies. Where is there a simple line drawn where a company that fucked up doesn't deserve to be bailed out. It baffles me to no end to see how much money this world has printed just to sustain itself from collapsing. The new demand for taxpayer aid brings the total bill for Fannie and its sister company Freddie Mac to $145 billion.
" Fannie Mae.. said Monday that it cannot imagine a day when it would turn a profit.. " " The Obama administration has pledged to provide an unlimited amount of funds to Fannie and Freddie to keep them solvent. " Can someone answer me Why? I know people in gov't do not always have the best business sense, but what is the rationale for flushing my (I am a US taxpayer) money away? I suspect it is for some nebulous reason like "stabilizing the market", but I'm looking to buy a home in the next couple years so personally I would really like to see the market continue to crash. And where exactly is this money going? Into whose pockets does it flow?
Funny, I can't find anywhere other than that article any mention of fannie mae saying "they can't imagine a day when they will turn a profit". Sounds like more FUD to me...
If you're waiting for the Obamunists to turn on Fannie/Freddie, forget about it. It doesn't matter how corrupt they are. The gov't will never turn on them like they did on Goldman. Too many ties...too much denial of their problems in the past (see Barney Frank circa 2003). We're stuck with these collasally inefficient, corrupt orgs who had much more to do with the housing/credit crisis than the powers-that-be will ever admit.