WASHINGTON – Fannie Mae requested an additional $8.4 billion in government aid after reporting a huge $13.1 billion loss for its first quarter.
Fannie’s request came just days after Freddie Mac requested another $10.6 billion in assistance after reporting an $8 billion first quarter loss.
The new request for aid will bring Fannie Mae's total to $83.6 billion. The total bill for the two secondary mortgage market giants will now be almost $145 billion.
The financial reports come as Republicans in Congress are pushing for the bank reform bill to include a resolution plan for Fannie and Freddie. But Democrats, who control both the House and Senate, say it is too early for legislation to resolve the two giant companies who play a vital role in the mortgage markets. Democrats plan to propose a resolution plan in the next Congress.
