Fannie Mae asks Uncle Sam for $4.6 billion more
Fannie Mae is short $4.6 billion and it wants the U.S. government to foot the bill.
The mortgage giant reported a net loss of $2.4 billion in the fourth quarter of 2011 after it got slammed by falling home prices. To offset the deficit that helped cause, its regulator, the Federal Housing Finance Agency, plans to submit a request to the Treasury for $4.571 billion, Fannie Mae said Wednesday.
The government rescued Fannie and sibling company Freddie Mac in September 2008 to cover their losses on soured mortgage loans. Since then, the FHFA has controlled their financial decisions.