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Fannie Mae asks taxpayers for $7.8 billion as loss widens

Published 11/08/2011, AP Economics Writer

Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to covers its losses in the July-September quarter. The government-controlled company said today that it lost $7.6 billion in the third quarter. Low mortgage rates reduced profits and declining home prices caused more defaults on loans it had guaranteed.

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