Fannie Mae seeks $5.1 billion more from taxpayers

[The Straight Story]

Fannie Mae seeks $5.1 billion more from taxpayers

WASHINGTON (Reuters) - Mortgage finance giant Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as a weaker housing market causes continued losses on loans made prior to 2009.

The largest U.S. residential mortgage funds provider on Friday also reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share.

It forecast continued weakness ahead, with high unemployment and foreclosures expected to put more downward pressure on home prices.

Fannie Mae paid back $2.3 billion in dividends to taxpayers in the second quarter, reducing its net capital draw to $2.8 billion. Since the firm was seized by the U.S. Treasury in 2008, it has needed about $104 billion in government capital injections, although it has paid back about $14.7 billion in dividends.

http://news.yahoo.com/fannie-mae-seeks-5-1-billion-more-taxpayers-121029211.html

[The Northerner]

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