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2012-11-18 — mortgagenewsdaily.com

``Hey, government-controlled mortgage entities aren't the only ones who can lose money. The U.S. Postal Service lost nearly $16 billion this year, up nearly $10 billion from a year earlier. Most of the loss came from $11 billion in payments the service is required to make to prefund health benefits for retirees. The Postal Service didn't have the money to make these payments, so it defaulted on them. The service reached its $15 billion statutory debt limit in October, meaning it can't borrow any more money. The service wants relief from its retiree benefits prefunding requirements and more flexibility on how to manage its business. "Neither snow nor rain nor heat nor gloom of night stays these couriers from the swift completion of their..." well, never mind.''

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