Link
TROUBLED US mortgage finance giant Fannie Mae said it lost almost $US60 billion ($92 billion) last year and asked the Treasury Department for a further $US15.2 billion in aid.
The US Government-controlled Fannie Mae reported a loss of $25.2 billion in the fourth quarter driven mainly by the effects of a prolonged housing slump and a global financial crisis. It had a third quarter loss of $29.0 billion.
For the full year of 2008, the company posted a loss of 58.7 billion dollars, almost 27 times higher than the 2007 loss of 2.1 billion dollars.
Fannie Mae said it submitted a request Wednesday for 15.2 billion dollars from the Treasury ``in order to eliminate our net worth deficit as of December 31, 2008.''
Logging you in...