FINANCE: Fannie Mae Seeks $1.5 Billion From U.S. Treasury After 12th Straight Loss

Fannie Mae, the mortgage-finance company operating under federal conservatorship, is seeking $1.5 billion in aid from the U.S. Treasury Department after a 12th straight quarterly loss.

Fannie Mae had a loss of $1.2 billion in the second quarter, compared with a loss of $14.8 billion in the same period a year earlier, it said today in a filing to the Securities and Exchange Commission. The Washington-based company posted more than $147 billion in losses in the preceding 11 quarters, according to data compiled by Bloomberg.

The Treasury Department seized Fannie Mae and McLean, Virginia-based Freddie Mac, the biggest sources of U.S. mortgage funding, in September of 2008 and has spent $145 billion already to keep them solvent. In April, the Treasury and Department of Housing and Urban Development asked for public comment on how to fix the funding system after the companies’ losses on subprime mortgages pushed them to the brink of collapse.

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POLITICS: Debate Florida’s next governor

GOP candidates Rick Scott and Bill McCollum traded jabs in a one-hour debate Thursday night where each candidate painted his opponent as too untrustworthy to be Florida’s next governor.

Click here to watch the video

FINANCE: You Made More in 2010 Than Fannie Since 1970

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.

Frank’s challenge will be to create an entity that serves the goal of making housing more affordable without the conflict of interest of being driven by shareholder returns.

Republicans may highlight Frank’s past support for the government-sponsored agencies. The Massachusetts Democrat said seven years ago of Fannie Mae and Freddie Mac: “We see entities that are fundamentally sound financially and withstand some of the disaster scenarios. . .” and ‘‘I want to roll the dice a little more in this situation towards subsidized housing.’’

The government-backed mortgage giants were placed in conservatorship in September 2008 and are now 80 percent owned by U.S. taxpayers. They own or guarantee more than half of the nation’s $11 trillion in residential mortgages. Fannie Mae and Freddie Mac have an unlimited line of credit from the government and have so far cost U.S. taxpayers $145 billion, more than American International Group Inc.

EVENT: India Independence Day celebration

AUG. 15: The Indian Cultural & Education Center (ICEC) Youth Group will hold India Independence Day celebration from 1:45 to 2:30 p.m. in ICEC Main Hall, 1115 S.W. 13th St., Gainesville. Lunch items for sale will be from 12:30 to 1:30 p.m. For more information, call Neeta Someshwar at (352) 335-1433 or visit www.icec-florida.org

GOVERNMENT: Calendar of Election Dates

How concerned are you about your future?

What have you done to be informed about those that want to make polices that effect your daily living?

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2010 Election Dates

  • Primary Election: August 24, 2010
  • General Election: November 2, 2010

PET STATION: Try you luck and name the shopping plaza this photo was taken at.

First clue Archer Rd


MUSIC: Little Blue Honda tour

Entertainment, Music


Joshua Bauer
Staff Writer
Posted: 07.28.2010

Five minutes into a conversation with Chicago born musician Phil Circle and you’ll know there are some who still put their soul into music, who do it for the love of the show and the joy of the crowd.  Bringing a classically trained hand and blues/jazz/jam band roots to Backstage Lounge on Wednesday June 28th, Phil puts yet another mark on a tour summer tour calendar that’s gone from his new home in Texas to Nashville, New Orleans, and stops all over the Sunshine State.

Doing it all from his little blue Honda, this is a man who’s lived several musical careers in his 40 some odd years, travelling now to try and infuse some independent spirit into a music scene that has degenerated into radio replay of the same top pop.  Working for enough money to travel town to town, encouraging and mentoring younger musicians along the way (often over beer and cigarettes in the smoky aftershow hours), he serves to remind that your love should never be relegated to a hobby.

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For more years than most can hack it, Phil has been playing for any who’ll listen, sometimes giving it a little more Grateful Dead, sometimes a little more Willie Nelson, but always playing with great enthusiasm and talent. Whether it’s an Irish themed ditty (complete with fiddle accompaniment) or a more bluesy/countrified, steel guitar sound, the years of practice have birthed a sound to please most any musical palette and the dust from years on the road has given his voice a world-wise/weary sound that works across the musical spectrum.  With such an eclectic style, his performances appeal to entire crowds of dissimilar listeners, ensuring that he’ll be enjoyed for many more years on this long, winding road.

Check out philcirclemusic.com to hear more, to donate to this nomadic musician, and to encourage him to continue bringing his acoustic guitar driven, cross-genre sound to stages across the country.  The man says it’s all he knows how to do and, man, does he do it well.