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Extra aid request
Source: Agencies |
February 26, 2011, Saturday
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Print Edition
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UNITED States government-controlled mortgage buyer Fannie Mae has posted a narrower loss of US$2.1 billion for the October-December quarter and asked for an extra US$2.6 billion in federal aid.
The new request is slightly more than the US$2.5 billion it sought in the July-September quarter. The mortgage buyer also reported a US$21.7 billion loss for all of 2010.
The government rescued Fannie Mae and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost American taxpayers as much as US$259 billion.
Washington-based Fannie Mae and Virginia-based Freddie Mac own or guarantee about half of all mortgages in the US, or nearly 31 million home loans worth more than US$5 trillion. Along with other federal agencies, they played some part in almost 90 percent of new mortgages over the past year.
The new request is slightly more than the US$2.5 billion it sought in the July-September quarter. The mortgage buyer also reported a US$21.7 billion loss for all of 2010.
The government rescued Fannie Mae and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost American taxpayers as much as US$259 billion.
Washington-based Fannie Mae and Virginia-based Freddie Mac own or guarantee about half of all mortgages in the US, or nearly 31 million home loans worth more than US$5 trillion. Along with other federal agencies, they played some part in almost 90 percent of new mortgages over the past year.
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