Fannie Mae Serious Delinquencies 5.52% in January 2010 A RECORD

Fannie Mae continues to set records. Their serious delinqeuncies (single family conventional mortgages) for the month of January 2010 hit 5.52%. This is up from 5.38% for December 2009 and a double from January 2009 (2.77%). Their delinquencies continue to rise and yet Turbo Tax Timmy will spend every last cent to keep the sinking ship afloat.

Tim Geithner on Fannie and Freddie (CNBC 3-30-10):
I WILL SAY WHAT I SAID IN THE HEARING AND I WILL NEVER CHANGE THIS THE BASIC VIEW. WE HAVE MADE IT CLEAR, WILL PROVIDE WHATEVER CAPITAL IS NECESSARY TO MAKE SURE THAT THOSE TWO INSTITUTIONS CAN MEET THEIR OBLIGATIONS PAST AND FUTURE. THAT IS A VERY IMPORTANT COMMITMENT, AND I'M GOING TO STICK TO THAT.

BARTIROMO: SO YOU ARE EXPLICITLY GUARANTEEING THE COMBINED 1.6 TRILLION DOLLARS IN DEBT AND 5 TRILLION DOLLARS IN MORTGAGE BACKED SECURITIES THEN?

GEITHNER: I WILL SAY IT EXACTLY THE WAY I SAID IT. I'M GOING TO MAKE SURE THAT PEOPLE UNDERSTAND THAT WE WILL PROVIDE WHATEVER CAPITAL IS NECESSARY TO THOSE INSTITUTIONS TO MEET THE OBLIGATIONS PAST AND FUTURE. AND THAT'S AN IMPORTANT THING TO DO AGAIN, BECAUSE THEY ARE SO IMPORTANT NOW TO MAKE SURE THAT AMERICANS HAVE ACCESS TO AFFORDABLE MORTGAGES ACROSS THE COUNTRY.

When will you give our children and grandchildren a break Tim??????

Insanity: doing the same thing over and over again and

expecting different results