Fannie taps lifeline after $59B in losses.
Mortgage finance company reports $25 billion quarterly loss and receives $15 billion from the Treasury Department.
NEW YORK (CNNMoney.com) — Hammered by the ailing housing market, mortgage finance giant Fannie Mae said Thursday it would tap its lifeline from the Treasury Department after reporting $58.7 billion in losses for 2008.
The company, a crucial source of funding for mortgage lenders, said it would draw down $15.2 billion of its $200 billion federal line of credit. In return, the government will receive preferred shares. MORE.
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