Fannie Mae reported a net loss of $11.5 billion in the first quarter of this year, resulting in a net-worth deficit of $8.4 billion as of March 31. As a result, the Federal Housing Finance Agency (FHFA) has asked the Department of the Treasury to provide Fannie Mae with $8.4 billion by June 30.
Fannie Mae recorded a net loss of $15.2 billion in the fourth quarter of 2009. Fannie Mae's news follows last week's announcement that Freddie Mac posted a $6.7 billion net loss for the first quarter, which prompted an FHFA request of $10.6 billion from the Treasury.
Fannie Mae estimates its market share of new single-family mortgage-related securities issuances was 40.8% in the first quarter of this year, up from 38.9% in the fourth quarter of 2009. According to Fannie Mae, it completed 94,000 in loan modifications in the first quarter of the year, and more than half of these modifications were under the Obama administration's Home Affordable Modification Program. During this period, Fannie Mae also purchased or guaranteed an estimated $191.4 billion in loans (measured by unpaid principal balance), including approximately $40 billion in delinquent loans purchased in March from its mortgage-backed securities trusts.
SOURCE: Fannie Mae