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Fannie Mae Seeks $8.4 Billion In U.S. Taxpayer Money After 1Q Loss

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Troubled U.S. government-backed mortgage giant Fannie Mae on Monday asked for 8.4 billion dollars in additional federal aid to cover its huge losses.

Fannie Mae reported earlier Monday that it lost 13.1 billion dollars in the first quarter, or 2.29 dollars a share. It lost 23. 2 billion dollars in the same period a year ago.

The new aid will bring the total bill for rescuing Fannie and its sister company Freddie Mac to 145 billion dollars. The Obama administration has pledged to provide an unlimited amount of funds to Fannie and Freddie to keep them solvent.

The Congressional Budget Office estimated in January that the direct U.S. aid to Fannie and Freddie might total 389 billion dollars by 2019.

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iconoclast2007's picture
Created by iconoclast2007 4 years 7 weeks ago
Category: Nanny State   Tags:

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