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Fannie Mae Losses Continue
Fannie Mae reported another big loss for its latest quarter and is seeking to tap Treasury Department funds to keep it afloat for the fourth time.
The District-based company reported a third-quarter net loss of $19.8 billion, or $3.47 cents per share, compared with a net loss of $29.4 billion, or $13.00 per share, in the same quarter a year ago. The loss was the result of $18.8 billion in credit-related expenses, more than offsetting $5.6 billion in revenue, Fannie Mae said.
It is Fannie Mae’s ninth straight quarterly loss and keeps the company’s net worth below zero.
Fannie Mae has requested an additional $15 billion from the Treasury Department’s $200 billion lifeline established to keep the company afloat. To date, it has made three draws from the fund totaling $44.9 billion.
Fannie Mae will remain dependent on government funding for some time to come. It expects to continue to have a negative net worth in future quarters and says it will need to continue drawing from Treasury.
Jeff Clabaugh writes for the Washington Business Journal
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