WASHINGTON – Fannie Mae late Friday reported a $16.3 billion loss for its fourth quarter, making a $72 billion loss for the year, and asked for an additional federal cash infusion of $15.3 billion.
Fannie reported $11.9 billion in credit losses and a $5 billion write-down for low income tax credit investments for its fourth quarter.
The Fannie report came two days after Freddie Mac reported a $7.8 billion loss for the fourth quarter and a $25.7 billion loss for 2009.
The federal government, which took the two secondary mortgage market giants under conservatorship in September 2008, already has pumped $127 billion of aid into them – with no end of government assistance in sight.
The two companies play a critical role in the mortgage finance market by buying more than half of all residential mortgages originated by credit unions and banks.
