Continued problems in housing market continue to drag down government-controlled mortgage finance giant.
NEW YORK (CNNMoney.com) -- Troubled mortgage-finance giant Fannie Mae reported on Monday that it lost $29 billion in the most recent quarter, putting the firm closer to having to draw on the $100 billion in taxpayer dollars committed to it in September.
Fannie Mae (FNM, Fortune 500) said that as of Friday it has yet to draw on those funds. But it warned in a filing that "if current trends in the housing and financial markets continue or worsen...we may have a negative net worth as of December 31, 2008." In that event, Fannie said it would need to tap into an unspecified amount of those taxpayer dollars.
The company would not comment on whether it had started to receive those funds as of Monday, and a spokesperson from Treasury was not immediately available for comment.
