Fannie Mae Continues to Burn through Cash (FNM)
Fannie Mae (NYSE:FNM) continues to burn through cash like a forest fire gone wild, to the tune of $16 billion per quarter. Shares of Fannie are down a penny today and are trading at 98 cents per share.
Fannie wants more money from the U.S. Taxpaper, leading analysts to worry about the "most expensive bailout" of the crisis. WSJ.com -- It was another impressive three months at Fannie Mae, as Uncle Sam's mortgage finance company reported a fourth quarter loss of $16.3 billion. That wasn't quite as strong as the third quarter loss of $19.8 billion, but give Fannie's managers credit for trying.
"Through this prolonged stress in the housing market, we are helping homeowners across the country, supporting affordable housing, and providing financing to keep the residential markets functioning," declared Fannie president and CEO Mike Williams, in explaining the losses. It takes skill and determination to lose that much money, and Fannie seems up to the...