Wonderland Wire

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Fannie Mae Taps Treasury for Further $19bn

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8 May 09 | FT

Fannie Mae said on Friday it would draw a further $19bn of assistance from the US Treasury after a seventh consecutive quarterly loss – $23.2bn in the first quarter – drove its net worth below zero.

Fannie said it expected more red ink in future quarters, which would require further help from the government. The company added that its role as programme administrator for the government’s housing market rescue would likely have an adverse effect on the company’s financial condition. >>>

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Written by Editors

8 May 2009 at 11:57 am

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