Fannie Mae needs another $19 billion driving its net worth below 0
Posted by: admin in Real Estate and HousingFiled under: Earnings reports, Federal Natl Mtge (FNM), Housing, Federal Reserve
Let’s look at the numbers. Fannie Mae needs $19 billion. Match this against a loss of $23.2 billion and you’ve a net worth below zero.
That’s not the end of it. Fannie Mae (NYSE: FNM)is expected to need more money going forward, drawing on the government to supply the funds. Now some of this has been brought on by the government itself when it made Fannie program administrator for the government’s housing market rescue.
Fannie suffered a net loss of $4.09 per share, which forced it to draw upon a $200 billion federal lifeline which was established for Fannie and Freddie.
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Fannie Mae needs another $19 billion driving its net worth below 0 originally appeared on BloggingStocks on Fri, 08 Might 2009 17:00:00 EST. Please see our terms for use of feeds.
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