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Fannie Taps Treasury for $15.3 Billion More After a 10th Loss Share Business 

By Dawn Kopecki Feb. 27 (Bloomberg) --

Fannie Mae will seek $15.3 billion in U.S. aid, bringing the total owed under a government lifeline to $76.2 billion, after its 10th consecutive quarterly loss.

The mortgage-finance company posted a fourth-quarter net loss of $16.3 billion, or $2.87 a share, Washington-based Fannie Mae said in a filing yesterday with the Securities and Exchange Commission.

Fannie Mae, which owns or guarantees about 28 percent of the $11.8 trillion U.S. home-loan market, has been hobbled by a three-year housing slump that wiped 28 percent from home values nationwide and led to record foreclosures. The company, which posted $120.5 billion in losses over the previous nine quarters, and rival Freddie Mac were seized by regulators in September 2008.

“Our financial results for 2009 reflected the continued adverse impact of the weak economy and housing market, which has resulted in record mortgage delinquencies and contributed to our recording significant credit-related expenses and net losses during each quarter of the year,” Fannie Mae said in the filing. For the full year, Fannie Mae’s loss widened to $74.4 billion from $59.8 billion in 2008.

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Click here to read what they did in August 2009   


Excerpts from the August 2009 article.

Mortgage financer Fannie Mae has requested for $10.7 billion aid from the Treasury to stay afloat after posting a loss of $14.8 billion for the second-quarter.
This is the third time when Washington-based Fannie Mae has approached the Treasury for financial assistance.
The company had posted a loss of $2.3 billion for the same quarter in the previous year. But the loss is down from $23.2 billion loss in the previous quarter.
Credit losses from the housing crisis are still to blame for the company's dismal results.
The value of non-performing loans on company's books soared to $171 billion in June, as compared to $144.9 billion in March.
However, the company reduced its provisions for the credit losses to $18.2 billion from $20.9 billion.
It may be noted here that Freddie Mac is the government-sponsored sibling of Fannie Mae.
The Obama administration is expected to unveil its plans for Fannie Mae and Freddie Mac early next year. Alternatives being thought include keeping the company private, merging them into a federal agency or detaching their bad mortgage assets into a new company.
The US government has pledged up to $400 billion in aid for the two companies as both the companies play a crucial role in the mortgage market.

Another fine example of the Washington D.C Leadership.