You Made More This Year Than Fannie Since 1970: Chart of Day
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House Financial Services Committee Chairman Barney Frank, who begins drafting legislation next month to overhaul Fannie Mae and Freddie Mac, said in 2003 the mortgage companies were “financially sound.” How wrong was he?
The CHART OF THE DAY shows Fannie Mae’s cumulative profit since going public in 1970. In 2008 alone, the company lost $58 billion, erasing its cumulative profit as a publicly traded company. In 2009, it lost $72 billion more.