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Fannie Mae loss widens, asks taxpayers for $7.8B #72583 Fri 11 Nov 2011 06:50:AM
Joined: Nov 2011 Posts: 10 M myspacezhang Space Trainee
myspacezhang Space Trainee M Joined: Nov 2011 Posts: 10	Fannie Mae loss widens, asks taxpayers for $7.8B WASHINGTON (AP) ï¿½ Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to cover its losses in the July-September quarter. The government-controlled company said Tuesday that it lost $7.6 billion in the third quarter. Low mortgage rates reduced profits and declining home prices caused more defaults on loans it had guaranteed. The government rescued Fannie Mae [url=http://en.trade2cn.com/companyShop/26181950.html]guandaxing hardware products [/url] and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. Since then, a federal regulator has controlled their financial decisions. Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates that figure could reach up $220 billion [url=http://en.trade2cn.com/companyShop/25966316.html]winchance solar[/url] to support the companies through 2014 after subtracting dividend payments. Fannie has received $112.6 billion so far from the Treasury Department, the most expensive bailout of a single company. Michael Williams, Fannie's president and CEO, said Fannie's losses are increasing for two reasons: Some homeowners are paying less interest after refinancing at historically low mortgage [url=http://en.trade2cn.com/companyShop/26611568.html]Minqing Rising Tile[/url] rates; others are defaulting on their mortgages.