Fannie May posts $19 billion loss in 3rd quarter. The total loss since September 2008 when it was seized by the federal government is $111 billion. In the earnings release, Fannie Mae said that more losses are expected as they deal with the continuing housing crisis. Fannie Mae asked for immediate aid of $15 billion on top of the $45 billion it has already received.
Third-quarter results were largely due to $22.0 billion of credit-related expenses, reflecting the continued build of the company’s combined loss reserves and fair value losses associated with the increasing number of loans that were acquired from mortgage-backed securities trusts in order to pursue loan modifications.
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