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Fannie Mae To Ask Us Treasury For $5Bn

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Fannie Mae, the mortgage company controlled by the US government, is to ask the Treasury for $5.1bn after reporting that its second-quarter loss had widened.

The news is likely to add to concerns that the US recovery is failing to gain traction after the country narrowly avoided a default on its debt earlier this week week. It also comes after the Dow Jones Industrial Average of leading US stocks fell 500 points on Thursday.

Along with Freddie Mac, Fannie, which received nearly $100bn from the Treasury to stay afloat during the financial crisis, owns or guarantees about half of all mortgages in the US - nearly 31m home loans worth more than $5 trillion. Along with other federal agencies, they backed nearly 90pc of new mortgages over the past year.

In the second quarter ended June 30, Fannie Mae lost $5.18bn, or 90 cents per share. That compares with a loss of $3.13bn, or 55 cents per share, a year earlier.

Obama had better get asking to increase the US debt ceiling further...

The US govt should have just killed Freddie/Fannie off when they first had the chance.

Still it's only several billion, and everyone is now distracted with Italy... The xfactor starts again soon doesn't it.

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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