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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Fannie Mae Posts $25.2 Billion Loss; Seeks $15.2 Billion From Washington February 26, 2009 9:00 p.m. EST Mitchell Jaworski - AHN Reporter Washington, D.C. (AHN) - Fannie Mae said Thursday its fourth quarter loss widened to $25.2 billion sending the company's net worth into negative territory, thus forcing it to request government funding. The mortgage financing giant, which was put in conservatorship last September, had a per share loss of $4.47 a share, larger than the $3.6 billion or $3.80 per share loss in the same period a year earlier. When the government took control of Fannie Mae it promised to supply up to $100 billion in funds if needed. President Obama pushed that figure up to $200 billion last week and now Fannie Mae is asking for a portion of those funds, seeking $15.2 billion. Fannie Mae said it took a loss of $12.3 billion on derivatives, $12 billion in credit losses due to the falling housing market and $4.6 billion in write-downs related to the value of its mortgage-backed securities. "We expect economic conditions and falling home prices to continue to negatively affect our credit performance in 2009, which will cause our credit losses to increase," Fannie Mae said in a Securities and Exchange Commission filing. Fannie Mae coupled with Freddie Mac account for more than half of all U.S. home loans, holding nearly 31 million mortgages worth $5.5 trillion. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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