Fannie Mae Loses 60 Billion Back at the Government Tit

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TROUBLED US mortgage finance giant Fannie Mae said it lost almost $US60 billion ($92 billion) last year and asked the Treasury Department for a further $US15.2 billion in aid.

The US Government-controlled Fannie Mae reported a loss of $25.2 billion in the fourth quarter driven mainly by the effects of a prolonged housing slump and a global financial crisis. It had a third quarter loss of $29.0 billion.

For the full year of 2008, the company posted a loss of 58.7 billion dollars, almost 27 times higher than the 2007 loss of 2.1 billion dollars.
Fannie Mae said it submitted a request Wednesday for 15.2 billion dollars from the Treasury “in order to eliminate our net worth deficit as of December 31, 2008.”

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