Fannie Mae (FNM) and Freddie Mac (FRE) are among this nations most embarrassing organizations, and together they stand to loot the tax payers dry in mounting losses.

Let us begin with the latest news concerning mortgage delinquencies:

December 23 – Freddie (Mac) said November delinquencies on single-family residences rose to 3.72% from 3.54% in October and 1.52% a year earlier.

Freddie Mac Delinquencies

And on a much broader measure we have this:

December 22 -WASHINGTON — The U.S. housing market continued to deteriorate in the third quarter as even the most credit-worthy borrowers increasingly fell behind on their mortgages, highlighting the problems policy makers have faced in trying to address the problem.

A new report from the Office of Thrift Supervision and Office of the Comptroller of the Currency found that the percentage of current and performing mortgages dropped for the sixth consecutive quarter, as foreclosures in process topped 1 million mortgages at the end of September. The report covers roughly 34 million loans totaling $6 trillion in principal balances, or approximately 65% of the U.S. mortgage market.

The regulators said that serious delinquencies, loans that are at least 60 days past due, increased across all loan categories and climbed to 6.2% of the loans in the portfolio during the third quarter. The report said that just 67.7% of option adjustable-rate mortgages were considered current at the end of the third quarter, while 27.9% were either seriously delinquent or in the process of foreclosure.

The most troubling finding was that even borrowers considered “prime,” or the least risky, increasingly can’t pay their loans. The report said that 3.6% of prime mortgages were more than two months behind on payments, more than double from a year ago. (emphasis added)

To date, both Fannie Mae (FNM) and Freddie Mac (FRE) were put into conservatorship last year due to enormous losses, have been bailed out by the tax payer to the tune of $100 Billion dollars, and now with losses continuing to escalate the Obama administration is set to announce another infusion of tax payer funds into these black holes. It is being rumored that President Obama will make the announcement of “providing additional support to these critically important institutions” with the next week or two. And the amount of additional support bailouts is anticipated to be somewhere between $200 to $400 Billion.

What ever happened to ‘no more bailouts’ ?

And finally, because Fannie and Freddie are so critically important to restoring health to the housing and mortgage industries the CEO’s will enjoy a nice holiday pay package between $4 and $6 Million. An official announcement is expected on Christmas Eve.

And just how well of a job is the Obama administration doing at saving homeowners?

This reminds me of Hurricane Katrina :

“You’re doing a heck of a job Brownie”