May 8, 2009

BUSINESS INSIDER: Media Still Covering Up The $400 Billion Fannie And Freddie Scandal.

This morning, Fannie Mae (FNM) announced that it had lost another $23 billion in the quarter, and would have to call down $19 billion more in taxpayer support. It also said that it would face losses as far as the eye can see.

Do you know how much we’ve committed to backstopping Fannie and its partner-in-crime Freddie Mac (FRE)? $400 BILLION! Back in February that was doubled from the original $200 billion.

But the news of the quarterly loss is getting hardly any attention.

Doesn’t fit the narrative.

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