Fannie Mae asks taxpayers for $7.8 billion as loss widens

November 8, 2011 at 11:28 am in Grand Forks Herald

Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to covers its losses in the July-September quarter. The government-controlled company said today that it lost $7.6 billion in the third quarter. Low mortgage rates reduced profits and declining home prices caused more defaults on loans it had guaranteed. Continue Reading