Fannie Mae seeks $4.6 billion in aid after Q4 loss
WASHINGTON, Feb 29 (Reuters) - Fannie Mae, the biggest source of money for U.S. home loans, said on Wednesday it would seek $4.6 billion in additional federal aid after reporting a fourth-quarter loss.
Earlier on Wednesday, the government-controlled mortgage finance company posted a loss of $2.4 billion for the quarter ended Dec. 31. That pushed Fannie Mae's loss for 2011 to $16.9 billion from $14.0 billion a year earlier, the company said.
Fannie Mae's pre-2009 book of soured loans and declining home prices continue to make it difficult for the company to turn a profit.
"We think that we have reserved for and recognized substantially all of the credit losses associated with the legacy book," Chief Financial Officer Susan McFarland said in an interview.
Read more: http://www.reuters.com/article/2012/02/29/usa-fanniemae-idUSL2E8DT2TR20120229