Fannie and Freddie may need another $215 billion

[tridim]

NEW YORK (Reuters) - Fannie Mae (OTC BB:FNMA.OB - News) and Freddie Mac (OTC BB:FMCC.OB - News) may need as much as $215 billion in additional capital from the Treasury through 2013 to offset losses and maintain a positive net worth, their federal regulator said on Thursday.

Fannie Mae and Freddie Mac, whose programs fund the lion's share of all new home loans, are at the center of debate as Congress sets to overhaul a U.S. mortgage finance system that contributed to the worst housing crisis since the 1930s.

The cumulative capital needs of the two housing finance giants, which were seized by the government in late 2008, will likely fall between $221 billion and $363 billion through 2013, the Federal Housing Finance Agency estimated.

The projected amounts vary depending on changes in home prices, which in recent years have been the major driver of credit losses for the companies, FHFA said, adding that its exercise is meant to give policymakers "useful snapshots" of the potential need for future taxpayer support.

More: http://finance.yahoo.com/news/Fannie-and-Freddie-may-need-rb-2323937639.html?x=0&sec=topStories&pos=1&asset=&ccode=

They need more taxpayer money to buy more worthless and fradulent mortgage backed securities, in an effort to save the criminal TBTF banks.

Are we going to let this happen?

[Autumn]

1. I'm sure they will get it, and we

will get the shaft. As usual.

[dgibby]

2. Fannie just bought my mortage from Citibank.

Wonder how they could afford it!

[tridim]

4. They have mine too, I don't know if they invested while it was at Chase or WaMu.

But actually they didn't invest in MY mortgage and note at all, the address of my property in Fannie's records is incorrect. This is another potential scam that I discovered the other day during my investigation.

[The Northerner]

3. They should've gone bankrupt instead of receiving bailouts