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Let's look at the numbers. Fannie Mae needs $19 billion. Match this against a loss of $23.2 billion and you have a net worth below zero.
That's not the end of it. Fannie Mae (NYSE: FNM)is expected to need more money going forward, drawing on the government to supply the funds. Now some of this has been brought on by the government itself when it made Fannie program administrator for the government's housing market rescue.
Fannie suffered a net loss of $4.09 per share, which forced it to draw upon a $200 billion federal lifeline which was established for Fannie and Freddie.
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