Fannie Mae Reports a $16.3 BILLION LOSS

Fannie Mae just released their Quarter 4 report and in an effort to not be outdone by Freddie Mac:

1. Lost $16.3 billion
2. $11.9 billion in credit losses & a $5 billion write-down for low income tax credit investments
3. Nonperforming loans totaled $216.5 billion as of end of 2009, up from $119.2 billion at the end of 2008

SHOCK OF SHOCKS: Fannie Mae is asking for a federal cash infusion of $15.3 billion after posting another big loss in the fourth quarter of last year.

Fannie Mae has already received about $60 billion from taxpayers. This new request will bring that total to more than $75 billion.

Late last year, the Obama administration pledged to cover unlimited losses through 2012 for Freddie and Fannie, lifting an earlier cap of $400 billion.

Need grandpa say anymore...