Fannie and Freddie’s Government Rescue Has Come With Claws
The New York Times - December 12, 2015 - December 15, 2015
By Gretchen Morgenson
On May 9, 2012, the executives of Fannie Mae, the beleaguered mortgage finance company, finally went public with good news: After three and a half years as a ward of the state, it was profitable again.
Since being bailed out by the government at the height of the financial crisis, Fannie had drawn $116 billion from the Treasury. But it had been clear for months inside the company that things were looking up. In fact, when Susan McFarland, chief financial officer of Fannie, announced the earnings, she said, “We expect our financial results for 2012 to be significantly better than 2011.”
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