Fannie Mae reports $72 billion 2009 loss

WASHINGTON, Feb. 27 (UPI) -- Fannie Mae reported a $72 billion net loss for 2009 and said it has asked the U.S. Treasury for another $15.3 billion in operating funds.

The additional $15.3 billion would bring Fannie Mae's total bailout tab to more than $76 billion.

Fannie Mae, the nation's largest mortgage financier, posted a $15.2 billion fourth-quarter loss, an improvement over a year ago when it reported a $25.2 billion loss. It's 2009 annual loss, however, surpassed its 2008 loss of $58.7 billion.

Fannie Mae executives said unemployment and continued defaults from borrowers meant losses would continue through this year, though at lower levels, The Wall Street Journal reported Saturday.

While some analysts warned Fannie Mae's efforts to modify loans merely postpone foreclosures and delay losses, Fannie Mae Chief Executive Michael Williams said he was committed to preventing foreclosures.

"Our overriding objective is keeping people in their homes whenever possible," Williams said in a statement.