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Article: nation.(Front)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- November 6, 2009
CopyrightCOPYRIGHT 2009 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Fannie seeks another $15B in federal aid
WASHINGTON | Fannie Mae is asking for $15 billion more in government aid after posting another big loss in the third quarter as the taxpayer bill from the housing market bust keeps rising. At the end of last month, about 4.7 percent of Fannie Mae's borrowers had missed at least three payments.
That's nearly triple last year's level. Seized by federal regulators 14 months ago, the problems at Fannie Mae and sibling company Freddie Mac have proven far worse than most experts had foreseen. Fannie Mae's request Thursday will bring the tab for rescuing both companies to about $111 billion. The government has promised ...