Fannie Mae Asks for More Taxpayer Help

Washington, DC, May 10, 2010–Taxpayers may have to bail out mortgage finance company Fannie Mae again as the firm has asked for more money after reporting a first-quarter loss of more than $13 billion.

Fannie Mae, which was rescued by the government in September 2008, said it needs an additional $8.4 billion from the government to help cover increasing losses.

Fannie Mae reported a loss of $13.1 billion, or $2.29 per share, in the first quarter. That includes $1.5 billion in dividends paid to the Treasury Department. It compares with a loss of $23.2 billion, or $4.09 a share, in first quarter a year ago.