Fannie Mae estimates it will ask the U.S. Treasury for $11 billion to $16 billion in funds to cover fourth-quarter losses and maintain a positive net worth.

The losses stem from what it calls "credit expenses" and fair market writedowns on the value of its massive MBS holdings.

Fannie said the "actual amount of the draw may differ materially this estimate" because it is still finalizing its financial statements.

It would be Fannie's first draw-down under a senior-preferred stock purchase agreement Treasury set up for Fannie and Freddie Mac when they were placed into conservatorships in early September.

Both GSEs can tap Treasury for $100 billion each. Freddie has already received $13.8 billion and is requesting $35 billion more. All totaled, the government will have invested $64.8 billion in taxpayer money in the GSEs when the funding requests are finally approved.

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