Fannie Mae-No Politics (FNMA)

[Cloner]

YIKES ! huge losses

Fannie Mae seeks $19B in US aid after 1Q loss
after posting $23.2 billion 1st-quarter loss

On Friday May 8, 2009, 8:53 am EDT

WASHINGTON (AP) -- Fannie Mae says it needs $19 billion in additional government aid after posting a loss of $23.2 billion in the first quarter as the taxpayer bill from the housing The mortgage finance company, seized by federal regulators last September, posted a quarterly loss of $4.09 per share on Friday. That compares with a loss of $2.5 billion, or $2.57 a share, in the year-ago period.

The results were driven by $20.9 billion in credit losses due to declining housing market conditions and $5.7 billion in writedowns of the value of its mortgage-backed securities.

The request for federal aid is its second since the takeover. The company received about $15 billion earlier this year.