10:29 pm - Saturday October 1, 2016

The 3rd request from Fannie Mae

After reported a loss of $15.2bn, US mortgage finance firm Fannie Mae has requested the Treasury for another $10.7bn.

This is the 3rd time that Fannie Mae has asked Treasury $96bn for aid after had received $15.2bn in March.

The Treasury has made available funds of $200bn each to both Fannie Mae and Freddie Mac. The results were driven by $18.8bn in losses on loans due to the weakening housing market conditions, made worse by rising unemployment.

In 2010, the US government will reveal its plan for both mortgage giant Fannie Mae and Freddie Mac. The government may keep the companies private or merge them into a government agency.

Source: BBC



Filed in: Business


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