Monday, May 10, 2010


When the federal government plays mad scientist, it doesn't destroy the monster it realizes it's built. Instead, after wreaking global economic havoc, Fannie Mae gets the taxpayers' blank check. The Federal National Mortgage Association, "Fannie Mae," a mutant hybrid with the worst features of government agency and private business, holds about $6 trillion in mortgages. Now it wants another $8.4 billion in cash. More largesse for Fannie and its equally evil twin, the Federal Home Loan Mortgage Corp., "Freddie Mac," is like emptying a dump truck full of taxpayer cash down a bottomless pit. In its 12th straight quarterly loss, the mortgage behemoth consumed $11.5 billion in this year's first quarter. That's an improvement: A year ago, Fannie lost twice as much. Why would American taxpayers pay billions to keep these monsters alive?...more

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