5/06/2011

Fannie Mae suffers $8.69 billion loss in first quarter

Great, even more federal money may be going to Fannie and Freddie to cover their continuing losses.

Mortgage buyer Fannie Mae reported a loss of $8.7 billion for the January-March quarter, and asked for an additional $8.5 billion in federal aid.

The new request is more than three times the $2.6 billion in government aid it sought in the final three months of last year.

The loss was caused by declining home prices around the country, Fannie Mae said. It said prices declined on average 1.8 percent, leading more homeowners to default on loans that the mortgage giant had guaranteed. . . .

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