Fannie Mae said it has $15.8 billion in claims against the bankrupt securities firm Lehman Brothers that it will at best partially recover.
"Based on Lehman Brothers' financial condition, we believe we will only receive a portion of these claims," Fannie said in a quaterly filing with the Securities and Exchange Commission last week.
The disclosure came as the government-sponsored enterprise posted its ninth straight quarterly loss, of $18.9 billion, and said it will need $15 billion more in federal aid.
This was the first time Fannie quantified its exposure to derivatives and trading agreements with Lehman, which succumbed to the subprime crisis on Sept. 15, 2008, with what was the biggest bankruptcy filing in history.
Fannie Mae's claims would make it the fifth-largest creditor, according to a list maintained by Epiq Systems, Lehman's claims administrator.
Fannie said in a court filing last year that Lehman owed it "very substantial sums."
Fannie, which was seized by regulators about a week before Lehman's bankruptcy, recorded $811 million in losses on the Lehman agreements for the third quarter of 2008.
Fannie hasn't disclosed any losses stemming from the Lehman bankruptcy this year.
