Fannie Mae reports 18 billion dollars loss
The troubled mortgage major, Fannie Mae, has reported a massive 18 billion dollars loss for the September 2009 quarter due to increasing bad debts. The company has therefore been forced to seek a record fourth round of funding from the US government.
The company has sought 15 billion dollars of additional aid this month, and is also facing trouble in selling tax credit based assets to Goldman Sachs due to Government intervention.