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 More money down the drain: Fannie Seeks $15.3 Billion in Aid After 10th Loss

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More money down the drain: Fannie Seeks $15.3 Billion in Aid After 10th Loss Vide
PostSubject: More money down the drain: Fannie Seeks $15.3 Billion in Aid After 10th Loss   More money down the drain: Fannie Seeks $15.3 Billion in Aid After 10th Loss Icon_minitimeSun Feb 28, 2010 4:37 am
Fannie Mae, the mortgage-finance company under federal conservatorship, said it will seek $15.3 billion in aid from the U.S. Treasury after posting a 10th straight quarterly loss.

A fourth-quarter net loss of $16.3 billion, or $2.87 a share, pushed the company to request its fifth draw on an unlimited lifeline from the government, Washington-based Fannie Mae said in a filing today with the Securities and Exchange Commission.

Fannie Mae, which posted $120.5 billion in losses over the previous nine quarters, has taken $59.9 billion in federal aid since April. Its shares, which peaked at $87.81 in December 2000, closed at 99 cents today in New York Stock Exchange composite trading. The Treasury owns 79.9 percent of Fannie Mae’s outstanding common shares.

Washington-based 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. Fannie Mae lost $74.4 billion for the 12 months ended Dec. 31, compared with $59.8 billion in 2008.

http://www.bloomberg.com/apps/news?pid=20601087&sid=alet_UTqF04M
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More money down the drain: Fannie Seeks $15.3 Billion in Aid After 10th Loss

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