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The government's mortgage buyer Fannie Mae on Friday sought a further $5.1 billion from taxpayers, as the Obama administration struggled to keep Americans in their homes.
With high unemployment and foreclosures expected to put more downward pressure on home prices, the government's efforts to help the housing market has had little impact.
Federal housing authorities said it had "much more work to do to help the market recover and to reach the many households...across the nation who still face trouble."....
Earlier on Friday, the largest U.S. residential mortgage funds provider reported a second-quarter net loss attributable to common shareholders of $5.2 billion, or 90 cents per share.
Fannie Mae said its second-quarter loss "reflects the continued weakness in the housing and mortgage markets" as well as expenses related to mortgage modifications to keep struggling borrowers in their homes.
Continued economic weakness and mounting foreclosures have caused U.S. home prices to fall this year, and it is unclear when they will finally bottom.