OBAMA CROOKS LOOTED AND RAN: FANNIE MAE LOSES RECORD 29 BILION

Franklin Raines was Fannie Mae's boss and he got $90 Million in salary and bonuses for this? And now he's Obama's Chief Economic Advisor?

Fannie Mae loses record US$29-billion

NEW YORK -- Fannie Mae, the largest provider of funding for U.S. residential mortgages, said Monday it lost a record US$29-billion in the third quarter as the company wrote down a tax-related asset that has buoyed capital and the housing slump deepened.

The quarterly loss is the fifth consecutive for the Washington-based mortgage finance company that has been operating under a government conservatorship since September. Fannie Mae in October warned it would write down "substantially all" of its deferred tax assets, which had become a controversial addition to capital as losses mounted. Deferred tax assets can be used to offset future taxes, but only if the company can show it will return to profitability. Credit expenses soared to US$9.2-billion in the quarter due to deteriorating mortgage credit conditions and as home prices declined, the company said. Fannie Mae's loss equaled US$13 per share, compared with a loss of US$1.4 billion, or Us$1.56 per share a year earlier.

More on Raines here.

Add this thief to Obama's other buds:

Atlas Shrugs: Obama's House Jew: Rahm Emanuel Emanuel earned $16.2 million as a former investment banker and about his position as a board member of Freddie Mac, a quasi-government agency largely faulted for the current mortgage crisis.

CORRUPTION ERUPTION: OBAMA TAPS FANNIE MAE PLUNDERER JOHNSON  TO LEAD BRIEFING

Atlas Shrugs: NBC DAVID GREGORY WIFE'S FANNIE MAE  FIXER

Atlas Shrugs: FANNIE MAE AND FREDDIE MAC LAVISHED $$$ ON JESSE JACKSON BLACKMAIL ...

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Comments

[scrapiron]

So far Hussein's staff picks look more like the cast for a new movie title 'Organized Crime, Inc'

[Zero]

Proving once again that a man with no appreciable credentials was elected into the highest office in the nation largely because of a financial crisis which he helped to create. You just can't make this stuff up.

FountainheadZero
Join the irate minority.