Digital News Report – Fannie Mae reported net losses of $11.5 billion that was reported in the first quarter of 2010. This was less of a loss than the 4th quarter of 2009 which was a net loss of $15.2 billion.
Because of the loss there was a net worth deficit of $8.4 billion at the end of March, the Acting Director of the Federal Housing Finance Agency has petitioned the US treasury for an additional $8.4 billion in financial assistance needed by the end of June.
Fannie Mae had completed 94,000 loan modifications in the first quarter, which over half of them were done so using Obama’s Government Loan Modification program, the Home Affordable Modification Program (HAMP.) The Obama government loan modification program helps reduce the mortgage loan amount, lower the interest rates, and also helps to reduce the monthly payments for struggling homeowners.
Fannie Mae had purchased or guaranteed around $191.4 billion in loans this first quarter of 2010. These mortgage loans included around 516,000 conventional single family homes, and 61,000 multi-family residential properties.