Fannie Mae executives treated to golf

Fannie Mae executives treated to golf

Fannie Mae executives should be treated to a sensitivity and shame training.

Mebbe dey oughta be doin' their job instead’a playin' golf...
:mad:
Fannie Mae Seeks $1.5 Billion in Aid
08/05/10 - WASHINGTON D.C. (TheStreet) — Fannie Mae requested an additional $1.5 billion of funds from the U.S. Treasury to meet its net-worth deficit after it reported a loss for the second quarter.

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That would raise Fannie Mae’s total bailout from the Treasury to $86.1 billion, including the $8.4 billion worth of funding it received to plug its deficit in the first quarter. The country’s biggest residential mortgage financier, Fannie Mae reported a net loss of $3.1 billion or 55 cents per share for the second quarter, lower than its loss in the year-ago quarter of $15.1 billion or $2.67 per share. The Fannie Mae loss figure includes $1.9 billion of dividends paid on its senior preferred stock held by Treasury

Revenue rose to $4.5 billion, 13% higher than the year-ago quarter and 49% higher than the first quarter of 2010 for Fannie Mae. Fannie Mae reduced its losses on the back of a decrease in the rate of seriously delinquent loans in the second quarter to 4.9% from 5.7% in the first quarter. Credit-related expenses declined 75% to $4.85 billion from the year-ago quarter. The company expects credit-related expenses to remain elevated through 2010.

The government took control of the government-sponsored mortgage financiers, Fannie Mae and Freddie Mac, in 2008 after toxic mortgages threatened to swallow their capital reserves. The agencies have received about $145 billion in bailout money since then. While most banks have managed to repay bailout funds and even ratchet up profits, Fannie Mae continues to turn in losses — and the likelihood of taxpayers getting back their full investments has become increasingly dim.

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