The continuing problems of the economy in general and the housing market in particular have again taken their toll on Fannie Mae, which reported a $58.7 billion loss for last year.
Its fourth quarter loss was $25.2 billion, a slight improvement over its third quarter loss of $29 billion. The mortgage buyer lost $2.3 billion in the second quarter and $2.2 billion in the first three months of 2008.
Fannie released its earnings report late yesterday, after the markets closed.
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The company, which was placed into conservatorship in early September, is asking for $15.2 billion from the Treasury to eliminate its net worth deficit. That deficit reflected a sharp fall from the end of September when its net worth was $9.4 billion.
Its net investment losses were $4.6 billion in the fourth quarter, compared with $1.6 billion in the previous three months.
The value of its nonperforming doubled during the fourth quarter. It held $119.2 billion in non-performing loans, compared with $63.6 billion at the end of September. By contrast, at the end of 2007 it had $27.2 billion in worth of nonperforming loans.
Fannie reported $12 billion in credit-related expenses during the fourth quarter, compared with $9.23 billion during the third quarter.
Fannie and Freddie Mac, which are government-sponsored enterprises, own or guarantee $5.2 trillion worth of home mortgages, about half of all outstanding loans.
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