Fannie Mae Asks for More Taxpayer Help

Washington, DC, May 10, 2010--Taxpayers may have to bail out mortgage finance company Fannie Mae again as the firm has asked for more money after reporting a first-quarter loss of more than $13 billion.

Fannie Mae, which was rescued by the government in September 2008, said it needs an additional $8.4 billion from the government to help cover increasing losses.

Fannie Mae reported a loss of $13.1 billion, or $2.29 per share, in the first quarter. That includes $1.5 billion in dividends paid to the Treasury Department. It compares with a loss of $23.2 billion, or $4.09 a share, in first quarter a year ago.