Dick Bove Calls Out WSJ for Bad Math on Fannie (FNMA), Freddie (FMCC)
Bove's latest report is entitled "Can John Carney Count?"
$246 paid, $189 received. Actually F&F only Received $135 and paid $100 billion in interest(profit)
$416 paid, $189 received. Actually F&F only Received $135 and paid $300 billion in interest (profit)
In either case, the US TREASURY has Taken from 80% profit to 250% profit in 6 years!
The 80% would be well over 10% a year, the 250% would be well over 25% a year!
This on top of Fannie Mae and Freddie Mac never needing a bailout in the first place, the TBTF banks needed a bailout by transferring bad loans to F&F (gse's). HARP and HAMP programs did just this!
Point is Fannie Mae is a Rape victim and the Rapists are still in full Rape mode.