Obama's economy heads further south

Fannie Mae, the now government owned mortgage finance company, has posted a loss of $2.4 Billion for the 4th Quarter of 2010.  They have also requested another $2.6 Billion in aid from the Federal Government.  Since 2008 Fannie Mae and its sibling company Freddie Mac have taken over $289 Billion in subsidies from the American taxpayer with no end in sight. Coincidentally Fannie Mae has released new data from a survey they took in January 2011.   As compared to a year ago the American people are more pessimistic about the outlook for housing and the economy.  Fewer Americans predicted that home prices would rise over the next 12 months and more people said buying a home was not a safe investment, compared to a similar survey taken in January 2010.Per the Financial Times:Doug Duncan, Fannie Mae's chief economist, said that the downbeat sentiment was particularly striking against the backdrop of government policies designed to help home owners, such as loan...(Read Full Post)

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