Fannie Mae Seeks $1.5 Billion From U.S. Treasury After 12th Straight Loss

Fannie Mae Seeks More Money from The Gubment

"Fannie Mae, the mortgage-finance company operating under federal conservatorship, is seeking $1.5 billion in aid from the U.S. Treasury Department after a 12th straight quarterly loss.

Fannie Mae had a loss of $1.2 billion in the second quarter, compared with a loss of $14.8 billion in the same period a year earlier, it said today in a filing to the Securities and Exchange Commission. The Washington-based company posted more than $147 billion in losses in the preceding 11 quarters, according to data compiled by Bloomberg."

It’s funny how these things go. The government is planning to increase taxes on the top percentage of earners, who happen to be the bosses and CEOs. These people are already cutting back spending and you want them to hire people or give higher wages to their middle income workers? Well guess why Fannie is tanking? No one can afford a damn mortgage or loan to buy a house. The recession barely affects the upper and lower class people. Why? The upper control the companies and everyone needs the lower to do the work no one else will do. So what is the middle class doing? Those that lost their job have more than twice the amount of bill payments than the lower class does because the lower class lives paycheck to paycheck.

The middle class needs to pay their house, car, cellphone, cable, internet, child’s college, etc etc; and so when they lost their job that allowed them to pay for all these things you think they went to the nearest grocer asking for a job? No. Some, if not all, went straight to unemployment and started collecting checks, and the others took it upon themselves to quickly jump out there looking for another job. How many of you actually think that this middle class person will accept a job earning half the amount they used to? A rational person might think, well some money is better than no money.

Unfortunately there are few people that actually think this way and our sense of entitlement pushes us to get that job that will help us keep all these luxuries. So while we’re defaulting on our loans from Fannie Mae, and no one is searching for more loans because they KNOW they could never afford a house at the moment, the government (or should I say we the taxpayers) will give them more of our money to help prop them up. Those who are paying on their loans to Fannie Mae are paying TWICE! Granted not in the same dollar amount, but if you would refer back to your high school lessons of a cartesian circle you will automatically have known where I was going from this by reading just the first sentence.

Now, this is all speculation but seeing as how I haven’t seen any evidence to negate said assumptions, I find it rather safe to hedge my bets on the irrationality and desperateness of the human spirit.