Fannie Mae and Freddie Mac renewed warnings about potential losses from mortgage servicers that fail to honor their obligations to repurchase bad loans in quarterly financial filings last week.

Fannie expects that repurchase and reimbursement requests will remain high this year and into 2010, and it already has a significant number of requests that have not been paid.

The company, which does not disclose the amount of repurchased loans, said that poor economic and housing conditions could impair servicers' ability to fulfill their obligations.

Freddie reported that its servicers have repurchased $2.7 billion of bad loans during the first three quarters, including $960 million in the third quarter. The company said the risk posed by servicers "could cause our losses to be significantly higher than those estimated within our loan-loss reserves."

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