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Wonder how much longer those 125% LTV mortgages will be available...:rolleyes:
[Those "green shoots" seem to be needing a lot of monetary fertilizer]
[Those "green shoots" seem to be needing a lot of monetary fertilizer]
Fannie Mae draws on US support after $14.8 bln loss
Thu Aug 6, 2009 7:24pm EDT
NEW YORK, Aug 6 (Reuters) - Fannie Mae, the largest provider of U.S. home mortgage funding, on Thursday reported a $14.8 billion quarterly net loss that it said would force it to go to the U.S. Treasury trough a third time for money to stay in business.
The company noted a "significant uncertainty" of its long-term financial health in reporting its eighth consecutive quarterly loss, which illustrates its struggle to make money in the face of rising defaults and pressure to do more to stabilize the housing market...
...Washington-based Fannie Mae said its regulator requested $10.7 billion from the Treasury to erase a deficit in its net worth, bringing total draws under a senior preferred stock purchase program to $45.9 billion...
..."We expect significant uncertainty regarding the future of our business, including whether we will continue to exist, to continue until February 2010 and beyond," Fannie Mae said in its regulatory filing.
Thu Aug 6, 2009 7:24pm EDT
NEW YORK, Aug 6 (Reuters) - Fannie Mae, the largest provider of U.S. home mortgage funding, on Thursday reported a $14.8 billion quarterly net loss that it said would force it to go to the U.S. Treasury trough a third time for money to stay in business.
The company noted a "significant uncertainty" of its long-term financial health in reporting its eighth consecutive quarterly loss, which illustrates its struggle to make money in the face of rising defaults and pressure to do more to stabilize the housing market...
...Washington-based Fannie Mae said its regulator requested $10.7 billion from the Treasury to erase a deficit in its net worth, bringing total draws under a senior preferred stock purchase program to $45.9 billion...
..."We expect significant uncertainty regarding the future of our business, including whether we will continue to exist, to continue until February 2010 and beyond," Fannie Mae said in its regulatory filing.
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