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Fannie Mae seeks $8.5 billion from taxpayers [View All]

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The Northerner Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-06-11 06:37 PM
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Fannie Mae seeks $8.5 billion from taxpayers
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Edited on Fri May-06-11 06:39 PM by The Northerner
WASHINGTON (Reuters) Mortgage finance giant Fannie Mae (FNMA.OB) on Friday said it would ask for an additional $8.5 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.

The largest U.S. residential mortgage funds provider reported a net loss attributable to common shareholders of $8.7 billion, or $1.52 per diluted share, in the first quarter.

Including the latest request, the firm has taken about $100 billion from the U.S. government since it was seized in 2008, though it has also paid about $12.4 billion to taxpayers in interest.

Loans made in the past two years have been more profitable than loans made during the housing boom in preceding years.

Read more: http://news.yahoo.com/s/nm/20110506/bs_nm/us_usa_treasury_fannie_mae
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