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Fannie Mae seeks new $8.4 billion US bailout to stay afloat

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May 10, 2010

US mortgage finance giant Fannie Mae said Monday it needs an additional government bailout of 8.4 billion dollars after reporting a 2010 first-quarter loss of 11.5 billion dollars.

“Our first-quarter results were driven primarily by credit-related expenses, which remain at elevated levels due to weaknesses in the economy and the housing market,” the company said in a statement.

The results showed improvement from the 2009 fourth quarter, when the loss stood at 15.2 billion dollars, the firm said, reporting its results in newly adopted accounting standards.

But the company, which with sibling mortgage finance giant Freddie Mac was seized in a government rescue in September 2008 amid an escalating financial crisis after the collapse of a housing bubble, said it ended the first quarter with a net worth deficit of 8.4 billion dollars.

Fannie Mae and Freddie Mac guarantee more than 40 percent of the home loans in the United States.

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This article was posted: Monday, May 10, 2010 at 11:07 am

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