Fannie Mae, the country's largest mortgage financier, says it needs another $15.3 billion to tide over the current housing crisis. The company posted a loss of over $ 70 billion in 2009 compared to $ 58.8 billion losses in 2008. Fannie's losses were mainly on account of $11.9 billion in credit expenses, which included bad loans and costs incurred in maintaining foreclosed properties. The company also took a $5 billion write-down on low-income tax-credit investments. About 5.38% of Fannie's single-family loans were more than 90 days delinquent, up from 2.42% a year earlier. Total nonperforming loans of the company were $216.5 billion at year-end, compared with $119.2 billion in the prior year-end. Fannie has so far received over $ 60 billion in bailout money. Losses are likely to continue through 2010.
Steve Eckhardt, Broker, Luxury Real Estate Professional
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