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Fannie Mae Loses $18 BILLION, Needs $15 BILLION More In Aid

Fannie Mae Loses $18 BILLION, Needs $15 BILLION More In Aid (FNM)

money hole

Courtesy of Joe Weisenthal at Clusterstock

Just to be clear, Fannie Mae (FNM) is still a total sinkhole.

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WASHINGTON (AP) — Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as taxpayers’ bill from the housing market bust keeps getting bigger.

The mortgage finance company, seized by federal regulators in September 2008, posted a quarterly loss of $19.76 billion, or $3.47 per share. The loss includes $883 million in dividends paid to the Treasury Department and compares with a loss of $29.41 billion, or $13 per share, in the year-ago period.

The results were driven by $22 billion in credit losses as the company continued to build its reserves for sour mortgages.

The request for federal aid is the company’s fourth. Fannie Mae has received about $45 billion. The new request will bring that total to $60 billion.

 


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