Fannie Mae: No Profits for the Indefinite Future

From Fannie Mae:

Fannie Mae (FNM/NYSE) reported a net loss of $11.5 billion in the first quarter of 2010, compared with a net loss of $15.2 billion in the fourth quarter of 2009. Including $1.5 billion of dividends on our senior preferred stock held by the U.S. Department of Treasury, the net loss attributable to common stockholders was $13.1 billion . . .

From Calculated Risk:

Fannie Mae reported that the rate of serious delinquencies – at least 90 days behind – for conventional loans in its single-family guarantee business increased to 5.59% in February, up from 5.52% in January – and up from 2.96% in February 2009.

See chart:

More bad news here, considering that we taxpayers are the happy owners of this jewel of a company.