Adding to the $140 billion worth of federal subsidies received since 2008, Fannie Mae just asked the government for an additional $8.4 billion after losing $13.1 billion in Q1. FNM basically says, “We’re bankrupt: completely and totally insolvent, and there is exactly a 0% chance that we will ever recover.”

Because of current trends in housing and financial markets, Fannie Mae expects to continue having a net worth deficit in future periods and to need to tap more funding from the Treasury.

A ‘net worth deficit’ is newspeak for worth less than nothing.

NB: This is the ‘private’ company charged with “promoting sustainable homeownership”.