Mortgage finance company Fannie Mae said Thursday it needs $15.2 billion in government aid to make up for losses from the slumping U.S. housing market.
The mortgage finance company, seized by federal regulators in September, posted a loss of $25.2 billion, or $4.47 per share, in the fourth quarter.That compares with a loss of $3.6 billion, or $3.80 a share, in the year-ago period.
Fannie’s net worth — the value of its assets minus the value of its liabilities — fell below zero at the end of the quarter, forcing the company to request funding from the government for the first time.
