Another $19 billion in bailout for Barney Frank’s Fannie (Mae)

The government-controlled company said its regulator requested $19 billion from the Treasury under a funding commitment that on Wednesday was doubled to $200 billion. The credit, in the form of senior preferred stock purchases, was established as soaring losses led the government to push the company into conservatorship in September. More from Yahoo:

Fannie Mae (FNM.P), the largest provider of U.S. home mortgage funding, said on Friday it needs more capital from the U.S. Treasury after a $23.2 billion loss in the first quarter, and warned government housing programs would cut deeper into its profitability.

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May 8, 2009 · Filed Under bail outs, Barney Frank


Comments

  • Tommy Richards

    When is Barney’s frank going to be investigated for showing favoritism to his home town bank and forcing banks to make bad loans under CRA? When is this idiot going to jail, then again he might like a 20 year sentence.