Just another indicater that the housing market continues it's slide with no real end in sight and We the People are on the hook for it.
Fannie & Freddie Needs Another $5.1 Billion
Fannie Mae, operating under the conservatorship of the U.S. government, is seeking $5.1 billion from the Treasury Department to balance its books. Fannie Mae received $8.5 billion from Treasury to wipe out its net worth deficit at the end of the first quarter
Including the latest $5.1 billion bailout request, Fannie Mae and rival Freddie Mac have sought more than $170 billion in government support.
Had the administration backed Cram Down regulations instead of the Extend and Pretend fiasco, the banks would be taking the majority of these losses, not the taxpayers.
If this continues and goes viral, the already sour mood may just take a turn for the worse...a la London.
There are consequences to taking inappropriate actions in the face of public pressure.