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Published August 07, 2009, 07:54 AM

Fannie Mae seeks $10.7B in aid

Fannie Mae says it needs an additional $10.7 billion in government aid after posting a loss of $15.2 billion in the second quarter as the taxpayer bill from the housing market bust keeps growing. The mortgage finance company, seized by federal regulators last September, posted a quarterly loss of $2.67 per share. That compares with a loss of $2.6 billion, or $2.54 per share, in the year-ago period.

WASHINGTON (AP) — Fannie Mae says it needs an additional $10.7 billion in government aid after posting a loss of $15.2 billion in the second quarter as the taxpayer bill from the housing market bust keeps growing.

The mortgage finance company, seized by federal regulators last September, posted a quarterly loss of $2.67 per share. That compares with a loss of $2.6 billion, or $2.54 per share, in the year-ago period.

The results were driven by $18.8 billion in credit losses due to declining housing market conditions. The re-quest for federal aid is Fannie Mae’s third since the takeover. It has received about $34 billion so far.

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