Tally Of Fannie & Freddie Taxpayer Bailouts
Fannie Mae will request an additional $7.8 billion from you and me after “soured derivatives bets” caused the company to record a $5.1 billion quarterly loss.
In fact, Fannie has had a quarterly operating profit only once in the last four years!
Derivatives and securities trading resulted in a $4.5bn loss for the quarter, versus a $500m gain in the same period last year.
For those keeping track, Fannie has now requested more than $111 billion from the US Treasury to stay afloat, while Freddie is #2 at $72 billion in taxpayer money.