US finance giant Fannie Mae posts $29 billion in lossesNovember 11th, 2008 - 2:05 pm ICT by IANS
New York, Nov 11 (Xinhua) US mortgage finance giant Fannie Mae posted a record $29 billion in losses in the third quarter.The company’s net worth fell to $9.4 billion at the end of September from $44.1 billion at the end of last year.
Fannie Mae said it might have to tap the government’s $100-billion funding as early as next year.
Fannie Mae and Freddie Mac, which own or guarantee around half of US home loans, were seized by federal regulators in early September.
The US government was to inject up to $100 billion in each company in exchange for ownership stakes of almost 80 percent.