Fannie Mae gets another bailout

Another $8.4 billion, in addition to the $76 billion it has already received. That will bring the total bailout for the two Democratic darlings to $145 billion, easily the most expensive part of the bailout. And Fannie Mae says (p. 13) that things will not turn around in the foreseeable future:

Given our expectations regarding future losses and draws from Treasury, we do not expect to earn profits in excess of our annual dividend obligation to Treasury for the indefinite future. As a result of these factors, there is significant uncertainty as to our long-term financial sustainability.

(Via Reason.)

Thank you Barney Frank! Well, at least the Democrats have learned their lesson.

Ha ha! Just kidding! President Obama last year pledged to cover any and all of Fannie and Freddie’s losses through the end of his first term. Also, the Wall Street “reform” bill does nothing at all in regard to Fannie and Freddie. With a blank check from the government and no government scrutiny, Fannie and Freddie have absolutely no reason to get their ship in order. But that’s okay, because Fannie and Freddie shower Democrats with campaign money.

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