Fannie Mae Seeks $8B In US Aid After 3Q Losses

Law360, New York (November 8, 2011, 8:43 PM EST) -- Fannie Mae will ask for $7.8 billion from the U.S. Department of the Treasury after reporting $5.1 billion in third-quarter losses stemming from a limp housing market, the government-sponsored mortgage giant said Tuesday.

The lender said that it needed the aid to offset its total comprehensive losses of $5.3 billion and $2.5 billion in dividend payments to the Treasury Department in the third quarter.

The lender also reported $5.5 billion in revenue, that partly offset its credit-related expenses of $4.9 billion, which it said was mostly...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.