Fannie Mae seeks $10.7B in US aid after 2Q loss

Are you kidding me? This is absolutely insane.

FTA: The government has pledged up to $400 billion in aid for the two companies, which play a vital role in the mortgage market by purchasing loans from banks and selling them to investors. They have been under government control since last September, when their near-collapse helped set off the financial crisis.

I keep thinking that my head is just going to burst or simply shut down trying to contemplate the idiocy of our elected officials. $400 Billion?! More of our tax money being redirected to prop up a lot of people who have chosen to be irresponsible. I know that not all of Fannie Mae and Freddie Mac loans are to people who wouldn’t qualify for a regular loan. When my husband and I bought our first house, we could’ve gone conventional, but there were incentives to go with the FM’s. But, honestly, this has got to stop. We can’t save everyone and if we keep trying, we will all sink.

http://finance.yahoo.com/news/Fannie-Mae-seeks-107B-in-US-apf-3979081619.html?x=0&.v=10

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