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Fannie Mae Wants $10.7 Billion More in Federal Aid to Survive

Fannie Mae, the mortgage finance company controlled by the government is seeking additional $10.7 billion from the Treasury Department in order to survive, reports CNN.

After a dismal second quarter result ( it posted a loss of $15.2 billion in the second quarter ), it is clear that Fannie Mae isn't on the revival track and needs further assistance from the government.

"We are dependent on the continued support of Treasury in order to continue operating our business," Fannie Mae authorities mentioned in a Securities and Exchange Commission filing late Thursday.

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