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Fannie Mae asks Fed for $4.57B

Fannie Mae is asking the federal government to close a $4.57 billion gap in its budget, Yahoo News and other outlets reported.

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Fannie Mae lost $2.41 billion in the fourth quarter of 2011, due to declining home prices, the government-sponsored enterprise said in an announcement today.

Since the 2008 financial crisis began, Fannie Mae and its sister company Freddie Mac have received government bailouts to the tune of $150 billion, the most expensive bailouts in recent memory, Yahoo News said. Fannie, which has received $116 billion of that $150 billion so far, said its continuing losses were due to lower revenue from interest after many homeowners refinanced at historically low rates, and the fact that many other homeowners have defaulted. [Yahoo]

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