Fannie Mae Needs $8.4 Billion More

After posting a first-quarter net loss of $11.5 billion, Fannie Mae has petitioned the federal government for an additional $8.4 billion in aid.

The government-sponsored enterprise’s 11th consecutive quarterly loss would have been deeper without accounting changes that reduced its deficit. Fannie Mae now has recorded total losses of almost $145 billion, or nearly twice its profits for the previous 35 years.

Source: Wall Street Journal, Nick Timiraos (05/11/10)