Fannie Mae unveils loss of $2.3bn - Democratic Underground

dipsydoodle

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Fri Aug-08-08 09:21 AM
Original message

Fannie Mae unveils loss of $2.3bn

Source: BBC News

Problems in the US housing market have pushed mortgage finance company Fannie Mae into the red.

The group sank to a net loss of $2.3bn in the three months to 30 June, against a profit of $1.97bn last year.

It comes days after its sister company Freddie Mac posted worse-than-expected results and its top executive warned house price falls are not over yet.

Both government sponsored firms own, or guarantee, nearly half of the nation's mortgage debt.

Read more: http://news.bbc.co.uk/1/hi/business/7549428.stm

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skyounkin

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Fri Aug-08-08 09:54 AM
Response to Original message

1. Man,

I wish I had USA tax payers to bail me out when I totally fuck the hell up and lose 2.3 billion (BILLION WITH A B) dollars.

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Dark

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Fri Aug-08-08 09:59 AM
Response to Original message

2. Don't worry, us taxpayers will be along to bail you out.

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