Fannie Mae has released their Q2 earnings report. The government sponsored enterprise (GSE) announced a shortfall of $1.2 billion, in the second quarter. a vast improvement over the $11.5 billion lost in the first quarter of the year and $20.4 billion in the second quarter of 2009. The Q2 losses amount to .55 per share compared to $2.29 per share in the previous period and $2.67 per share a year earlier. Based on the figures, the Acting Director of the Federal Housing Finance Agency, conservator of Fannie Mae, requested an additional $1.5 billion from the U.S. Treasury under the terms of the preferred stock purchase agreement between the two entities. The funds were requested to eliminate the company's net worth deficit as of June 30. Last quarter FHFA received $8.4 billion to cure the...(read more)

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