Fannie Seeks $15 Billion in U.S. Aid After Ninth Straight Loss

Nov. 5 (Bloomberg) -- Fannie Mae, operating under a federal conservatorship, said it will seek $15 billion in aid from the U.S. Treasury as its ninth straight quarterly loss once again drove the mortgage-finance company’s net worth below zero.

A third-quarter net loss of $18.9 billion, or $3.47 a share, pushed the company to request its fourth draw on a $200 billion lifeline from the government, Washington-based Fannie Mae said in a filing today with the Securities and Exchange Commission.

Fannie Mae, which posted $101.6 billion in losses over the previous eight quarters, has already taken $44.9 billion in federal aid since April. Its shares, which peaked at $87.81 in December 2000, closed at $1.12 today in New York Stock Exchange composite trading.

To contact the reporter on this story: Dawn Kopecki in Washington at dkopecki@bloomberg.net.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aFLwswlRTFn4&pos=3

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America Bankrupt Written by Berat Acar, November 06, 2009 Who will be the next Bank in the States. +0