Jim Sinclair’s Commentary

Eric King of www.KingWorldNews.com has interviewed acclaimed author and founder of the Dines Letter, James Dines. Be sure to check out this interview.

Click here to listen to the interview… ^[1]

Jim Sinclair’s Commentary

The financial wizards are back with their begging bowl. They drive home in their Bentleys and retire on millions.

This is simply wrong.

Fannie Mae seeks $8.5 billion from taxpayers
By Corbett B. Daly
WASHINGTON | Fri May 6, 2011 5:50pm EDT

(Reuters) – Mortgage finance giant Fannie Mae (FNMA.OB) on Friday said it would ask for an additional $8.5 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.

The largest U.S. residential mortgage funds provider reported a net loss attributable to common shareholders of $8.7 billion, or $1.52 per diluted share, in the first quarter.

Including the latest request, the firm has taken about $100 billion from the U.S. government since it was seized in 2008, though it has also paid about $12.4 billion to taxpayers in interest.

Loans made in the past two years have been more profitable than loans made during the housing boom in preceding years.

"As we move forward, we are building a strong new book of business that now accounts for 45 percent of the company’s overall single-family guaranty book of business," said Michael Williams, the firm’s president and chief executive officer.

More… ^[2]