Fannie Mae said it would seek $7.8 billion more

[R Glass]

Fannie Mae said it would seek $7.8 billion more in U.S. government assistance after posting a wider loss in the third quarter as the housing market's troubles continued.
The Washington-based mortgage finance company on Tuesday posted a net loss of $5.1 billion in the third quarter, compared with a year-ago loss of $1.3 billion. It was the 16th loss in the past 17 quarters for the company, which nearly failed more three years ago and has been kept on government life support ever since.
The request for aid from the Treasury Department includes $2.5 billion to cover required quarterly dividends ...


http://online.wsj.com/article/SB10001424052970203733504577026541729186910.html

[brice1967]

It's a beautiful thing R.... ain't it?  The rest of the working world gets canned when they screw up and these tools get bonuses, and repetitive bonuses for losing account of billions of dollars.

[R Glass]

The point is, they’re taking our Tax Dollars and giving these guys Millions in bonuses
When I fail, I get fired. When these guys fail they get almost 2.5 Million in bonuses and we pay for it.

“Securities and Exchange Commission documents show that Ed Haldeman, who announced last week that he is stepping down as Freddie Mac’s CEO, received a base salary of $900,000 last year yet took home an additional $2.3 million in bonus pay. Records show other Fannie and Freddie executives got similar Wall Street-style compensation packages; Fannie Mae CEO Michael Williams, for example, got $2.37 million in performance bonuses”

[brice1967]

I bet we don't tell China to take a leap.... they are easy to get money from these days, and all of our allies are going broke as fast as we are.... between Bernanke and China... the money has to come from somewhere.

But it would be brilliant if we could tell china to whiz off.

[el_em_en_oh]

What's another $8B added to $14T?

Give it to em' if it'll shut em' up. In the grand scheme of things, it's a drop in the bucket. We're never going to pay off the debt, so why not spend, spend, spend?

$10 says we tell China to go f*ck themselves on the $$$ we owe them...

Eliminate the money we owe China, and the outlook on the debt is a lot brighter, no?

[brice1967]

Ah, no big deal at this point.  Bernanke will just print more money... this debt thing is a myth.

[R Glass]

This is the one that floors me.

“The Federal Housing Finance Agency, the government regulator for Fannie and Freddie, approved $12.79 million in bonus pay after 10 executives from the two government-sponsored corporations last year met modest performance targets tied to modifying mortgages in jeopardy of foreclosure.

The executives got the bonuses about two years after the federally backed mortgage giants received nearly $170 billion in taxpayer bailouts — and despite pledges by FHFA, the office tasked with keeping them solvent, that it would adjust the level of CEO-level pay after critics slammed huge compensation packages paid out to former Fannie Mae CEO Franklin Raines and others.

Securities and Exchange Commission documents show that Ed Haldeman, who announced last week that he is stepping down as Freddie Mac’s CEO, received a base salary of $900,000 last year yet took home an additional $2.3 million in bonus pay. Records show other Fannie and Freddie executives got similar Wall Street-style compensation packages; Fannie Mae CEO Michael Williams, for example, got $2.37 million in performance bonuses.

Including Haldeman, the top five officers at Freddie banked a combined $6.46 million in performance pay alone last year, though a second bonus installment for 2010 has yet to be reported to the SEC, according to agency records.

Williams and others at Fannie pocketed $6.33 million in incentives for what SEC records describe as meeting the primary goal of providing “liquidity, stability and affordability” to the national market”


Read more:  http://www.politico.com/news/stories/1011/67292.html