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Fannie Bailout Surpasses $100 Billion

$2.9 billion Q2 loss

Aug. 5, 2011

By staff

Following another quarter of multi-billion-dollar losses, government bailout expenses for the Federal National Mortgage Association exceed $100 billion.

The Washington, D.C.-based secondary lender reported Friday a $2.9 billion second-quarter loss. Earnings reflected $6.1 billion in credit expenses from its pre-2009 book of business.

Losses were cut from the first quarter's $6.5 billion but worse than the second-quarter 2010's loss of $1.2 billion.

The latest results have the conservator and regulator of Fannie Mae, the Federal Housing Finance Agency, requesting another $5.1 billion in bailout funds from the Department of the Treasury. The request was made to eliminate Fannie's net worth deficit.

Including the latest request, the total tab stands at $103.8 billion.

So far, Fannie has made $14.7 billion in dividend payments to the Treasury Department.

Fannie and its government-controlled rival Freddie Mac were seized by the FHFA in September 2009.

Cumulative Treasury Department draws at Freddie, which hasn't yet released second-quarter earnings data, stood at $64.7 billion as of March 31. Freddie has made a total of $11.6 billion in dividend payments to the Treasury.

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