Fannie Mae Asks for $2.5B in New U.S. Aid

By: Associated Press
By: Associated Press

Washington, D.C. (AP) - Government-controlled mortgage buyer Fannie
Mae is asking for $2.5 billion in additional federal aid after
posting a narrower loss in the third quarter.

Fannie Mae said Friday it lost $3.46 billion, or 61 cents a
share, in the July-September quarter. That takes into account $2.1
billion in dividend payments to the Treasury Department. It
compares with a loss of $19.8 billion, or $3.47 a share, in the
third quarter of 2009.

The government rescued Washington-based Fannie Mae and sibling
company Freddie Mac about two years ago and it estimates that will
cost taxpayers up to $259 billion. That's nearly twice the $133.4
billion Fannie and Freddie are in line to receive from taxpayers so
far and would make it the most expensive bailout of the financial
crisis.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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