Fannie Mae-No Politics (FNMA)

[jeddiemack]

Rick,


While they were "lent" 187B or so... much of that was as a result of
1. Unnecessary and incorrect temporary write offs of Deferred Tax Assets
2. Excessive reserves on loan and investment losses that were "aggressively estimated"
3. Interest at 10% which was drawn in circular fashion.
and
4. Interest at 10% which is 10x the government's cost of capital and 3x TARP money.