Thursday, August 6, 2009

Fannie Mae Continues to Draw Blood From the Taxpayer

Fannie Mae draws another $10.7 billion from Obama's "redistribute taxpayer money to those who made a poor decision to overpay for their home" program. FNM reported its 8th straight loss and announced that they'll report losses for the foreseeable future and continue taking money from the taxpayers:

"Fannie Mae said it expects the quality of its assets to worsen further and to continue accumulating losses as it executes President Barack Obama’s efforts to modify or refinance loans for as many as nine million homeowners."

Did everyone vote for this program when they pulled the lever for Obama?

FNM claims their negative net worth is $10.6 billion, but I will guarantee anyone who can get me in to see the inside books there that I can show FNM's negative net worth is easily several hundred billion dollars. And we still do not know the real story with their derivatives book.

As we keep pouring $100's of billions down the sewage holes that are AIG, Wall Street, the auto industry, FNM/FRE, you have to wonder where this will all end. I hope everyone is putting as much money as they can into gold and silver bullion.

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