Death March 2010: Fannie Loses A Cool $13 Billion In Q1, Wants $8.4 Billion More -- Bailout Tally Now At $85 Billion
Video: A punchdrunk Dylan Ratigan discusses Fannie Mae's growing bailout and the 'Wells Notice' controversy at Moody's involving Warren Buffett -- May 10, 2010
The Mortgage Death Race continues unnoticed. Last week Freddie asked for $10.6 billion, which brings their bailout total to $61 billion, and today, bankrupt and corrupt Fannie mentioned that it needs almost $9 billion more (until next quarter), bringing its total to either $83.6 billion or $84.6 billion, depending whether you believe Reuters or the AP, that is assuming that you still care about a missing billion, when it can be created at the Fed in less time than Bernanke takes to clean his beard after a chili dog and buster bar at Dairy Queen.
Fannie Mae says it lost $13.1 billion, or $2.29 per share, in the January-March period. That takes into account $1.5 billion in dividends paid to the Treasury Department. It compares with a loss of $23.2 billion, or $4.09 a share, in the year-ago period.
The rescue of Fannie Mae and sister company Freddie Mac is turning out to be one of the most expensive aftereffects of the financial meltdown. The new request for aid will bring Fannie Mae's total to $83.6 billion. The total bill for the duo will now be nearly $145 billion.
Late last year, the Obama administration pledged to cover unlimited losses through 2012 for Freddie and Fannie, lifting an earlier cap of $400 billion.
Franklin Raines Loves Cap & Trade
Were you aware that corrupt former Fannie Mae CEO Franklin Raines (along with Fannie) own the patent for the residential cap and trade pollution exchange?
From the Washington Examiner
When he wasn't busy helping create a $127 billion mess for taxpayers to clean up, former Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in the "green" movement were inventing the patented system to trade residential carbon credits.
Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 -- the day after Democrats took control of Congress. Former Sen. John Sununu, R-N.H., criticized the award at the time, pointing out that it had "nothing to do with Fannie Mae's charter, nothing to do with making mortgages more affordable."
It wasn't about mortgages. It was about greenbacks. The patent, which Fannie Mae confirmed it still owns with Cantor Fitzgerald subsidiary CO2e.com, gives the mortgage giant a lock on the fledgling carbon trading market, thus also giving it a major financial stake in the success of cap-and-trade legislation.