Fannie Mae said it would seek $7.8 billion more in U.S. government assistance after posting a wider loss in the third quarter as the housing market’s troubles continue. The company on Tuesday posted a net loss of $5.1 billion in the third quarter, compared with a year-ago loss of $1.3 billion. It brings the total cost to taxpayers of Fannie Mae’s rescue up to more than $94 billion. Fannie Mae and sibling company Freddie Mac buy home loans and package them into investments, and ensure that investors receive payments even when borrowers default. The cost of those defaults has continued to mount, evidence that the U.S. housing market is still deeply troubled.
Fannie Mae Needs $7.8 Billion More U.S. Aid
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