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Opinion

Opinion

Letter: Follow money

May 16, 2013

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To the editor:

Fannie Mae is a quasi-government agency backed by the taxpayers. Fannie Mae reported $58.7 billion in profit for the first quarter of 2013.

A big portion of this profit was made possible by wiring off losses that they created by buying improper loans from banks. They intend to use this profit to partially pay back money they owe taxpayers. In other words, instead of paying income tax, they are using tax credits to show a huge profit and paying us money that we would have got anyway from their income tax. I am not an accountant, so I must have something wrong here. Isn’t the taxpayer getting screwed again? 

Comments

lunatic 1 year, 7 months ago

You don't make a profit by writing off bad loans. That creates a loss

Abdu Omar 1 year, 7 months ago

And doesn't look good on your balance sheet. These kinds of losses can sink a company and drive away other investors.

kansanbygrace 1 year, 7 months ago

Now, which shell is the pea really under?

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