Fannie Mae Needs $7.8 Billion Because It Lost Its Fanny Betting On Derivatives

Fannie Mae Needs $7.8 Billion Because It Lost Its Fanny Betting On Derivatives

Like the irresponsible son who goes to his daddy asking for money to cover gambling losses so loan sharks don’t bust his kneecaps, Fannie Mae is begging taxpayers for $7.8 billion because it lost so much money last quarter on derivatives. The $5.1 billion loss in the third quarter dwarfs last year’s awful third quarter shortfall of $1.3 billion. [More]