Replies to post #392586 on Fannie Mae-No Politics (FNMA)

[whipstick]

maybe you don't know what you're talking about and they never needed a bailout in the first place?

[capitalismforever]

They didn't ask for a bailout. You must be on day one of discovery.

[navycmdr]

you need to READ the LEGAL Deposition
by Fannies previous CFO Susan McFarland

in which she tells the GOVT :

In a deposition taken last July, for example,
Susan McFarland, Fannie’s former chief financial officer,
said she told high-level officials at the Treasury
on Aug. 9, 2012, that the company was, in fact,
“now in a sustainable profitability, that we would be able
to deliver sustainable profits over time.”

Documents Undercut U.S. Case for Taking Mortgage Giant Fannie Mae’s Profits

By GRETCHEN MORGENSONAPRIL 12, 2016

The mortgage finance giants Fannie Mae and Freddie Mac remain wards of the state years after the credit crisis receded into memory. Credit Kevin Lamarque/Reuters
On a Friday in August 2012, the federal government changed the terms of its bailout of Fannie Mae and Freddie Mac, sending all the mortgage finance giants’ profits to the Treasury. The surprise decision prompted a lawsuit from shareholders, who argued that the collection of profits was an improper taking of private property without compensation.

As the lawsuit proceeds through Federal Claims Court, documents unsealed in the case on Monday undermine an important defense made by the United States government. Lawyers for the Justice Department maintained early on in the litigation that Fannie and Freddie were in a death spiral and financially weak. Funneling all their profits to the Treasury was a way to protect taxpayers from future losses at the government-sponsored enterprises, the Justice Department said.

In a deposition taken last July, for example, Susan McFarland, Fannie’s former chief financial officer, said she told high-level officials at the Treasury on Aug. 9, 2012, that the company was, in fact, “now in a sustainable profitability, that we would be able to deliver sustainable profits over time.”

The mortgage finance giants Fannie Mae and Freddie Mac remain wards of the state years after the credit crisis receded into memory. Under their original rescue, in 2008, they were required to pay a 10 percent dividend on the money they had drawn from the Treasury.

[budmgd]

this a joke, right?

maybe FNMA shouldn't have asked for a government bail out