Fannie Mae loses $6.5 billion in 4Q on tax change

Changes to U.S. tax law led to a $6.53 billion loss at Fannie Mae last quarter, putting the government-controlled mortgage company in the position of seeking cash assistance from taxpayers for the first time since it emerged from the housing crisis six years ago. Fannie Mae said its net worth sank to a negative $3.7 billion after it had to "remeasure" its deferred tax assets to the tune of $9.9 billion as required by the Tax Cuts and Jobs Act, signed into law by President Donald Trump just before the end of the year.

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hmm. Why does it feel like it is 2008?

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Fannie Mae was flush with cash prior to the tax law so Congress was fighting over how to spend it. And now they need our help? sic

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The problem with Fannie Mae is they should not exist in a first place 

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Amateur mistake by the WH. This is why you don't rush a bill through both houses on party line votes with doodles in the margins, no debate, no expert witnesses...

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2 minutes ago, Stephen said:

Amateur mistake by the WH. This is why you don't rush a bill through both houses on party line votes with doodles in the margins, no debate, no expert witnesses...

Right. Just a consequence of a hastily developed, ill conceived tax cut. But he needed some good news to report on Twitter

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3 hours ago, Stephen said:

Fannie Mae was flush with cash prior to the tax law so Congress was fighting over how to spend it. And now they need our help? sic

did you say flush with cash?? courtesy of the bailout maybe.  let them wither and die.  

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