Fannie Mae Loses $8.69 Billion, Wants $8.5 Billion in Aid

Fannie Mae Loses $8.69 Billion, Wants $8.5 Billion in Aid

Friday, 06 May 2011 04:55 PM

Mortgage buyer Fannie Mae is reporting a loss of $8.7 billion for the January-March quarter, and asking for an additional $8.5 billion in federal aid.

The new request is more than three times the $2.6 billion in government aid it sought in the final three months of last year.

The government rescued Fannie Mae and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers about $259 billion.

Fannie Mae's January-March loss attributable to common shareholders works out to $1.52 per share. It takes into account $2.2 billion in dividend payments to the government. That compares with a loss of $13.1 billion, or $2.29 per share, in the same period last year.

http://www.moneynews.com/FinanceNews/Ea ... /id/395502