Friday 8 May 2009

Fannie needs another $19B to hold it together

So, here's ANOTHER surprise. After the previous bailout from the US taxpayer a few short months ago, Fannie Mae will need a further $19,000,000,000 injection in order to keep the lights on now.

My favourite part? They need it on or before 30th June 2009. You've got to admire the audacity of these people.

Let it fail, I say. Its only a government SPONSORED agency, not a government agency. Its a private investment management business, and so is Freddie Mac the evil twin brother. Most of the mortgages these spivs have resold to "investors" will not stand up in court anyway I reckon. If these mortgage contracts were to fail due to agency bankruptcy, the homeowners will likely in fact find themselves walking away from paying the mortgage AND get to keep the house too. Nice.

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