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Foreclosure Woes Fuel Wider Loss at Fannie

Red ink continues to flow at Fannie Mae as the mortgage finance company struggles to digest a glut of defaulted mortgages and foreclosed properties.

Fannie posted a net loss of $2.9 billion for the second quarter, up from a year-ago loss of $1.2 billion. The company has now reported losses in 15 of the last 16 quarters and must ask the U.S. for another $2.8 billion in bailout funds after it makes quarterly dividend payments to the Treasury.