Fannie Mae reports $11.5B loss

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Federally-run mortgage group Fannie Mae reported an $11.5 billion first-quarter loss today, according to the Washington Post, and said that it plans to ask for an $8.4 billion helping hand from taxpayers to stay alive. While a considerable loss, it’s hardly the greatest of Fannie’s woes since the start of the recession — the mortgage giant lost $23.2 billion during the same quarter a year earlier. President Obama has shown considerable public support to the ailing Fannie in the past, pledging to funnel as much cash as it takes to keep the firm alive. Michael Williams, chief executive at Fannie Mae, said that keeping his company afloat in the housing crisis is essential to the stability of the economy. “Promoting sustainable homeownership and maintaining ready access to liquidity are our guiding principles in serving the residential markets,” Williams said. [Washington Post]

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