Fannie Mae seeks $ 8.5 billion more by the Federal Government (AP)

WASHINGTON - Fannie Mae asked the Government Friday for 8.5 billion in aid after the decline of housing prices caused more defaults on loans secured by the mortgage giant.

The company said lost $ 8.7 billion in the first three months of the year. These losses led Fannie asking more than three times the federal assistance he requested in the previous quarter. The cost total save the buyer Government-controlled mortgage is almost 100 billion dollars - the most expensive rescue of a single business plan.

Combined with the company's sister Freddie Mac rescue plan, the Government is expected to help taxpayers about $ 259 billion. That money will cover the losses of the giants of soured mortgage loans granted in the real estate bubble.

Housing prices declined on average 1.8% across the country during the January-March quarter, said Fannie Mae. That led to several seizures and the owners of houses worth less that they have towards their mortgages abandonment.

"We expect our credit losses to remain high in 2011, while we continue to be negatively affected by declining real estate prices extended" President and CEO Michael Williams said in a statement.

The losses in the first three months of the year are related to loans have been extended until 2009, said Fannie Mae. The company expects to earn money on the mortgage loans it has acquired since January 2010.

The companies reversed almost because of losses on risky mortgages that they bought between 2005 and 2008. They were tightening their criteria for credit after the start of these loans go bad.

Fannie and Freddie buy mortgages from banks and other lenders, their links with a guarantee against default package and sell them to investors around the world.

When property drop, default owner values - either because they are unable to afford the payments, or because they have more that the property is a value. Because of the guarantees, Fannie and Freddie must pay for the losses.

Fannie Mae, based in Washington, and Freddie Mac, based in McLean, Virginia, own or guarantee about half of all mortgages in the United States, or almost 31 million dollars of real estate loans worth more than 5 trillion. With other federal agencies, they supported nearly 90 percent of new mortgages in the past year.

In February, the Obama administration unveiled a plan to slowly dissolve the mortgage companies. The objective is to reduce the role of Government in mortgage loans. Exactly how that would produce left for Congress to decide.

Whatever the result, he would reverse decades of policy of the Federal Government to encourage Americans to buy a House. Mortgage would almost certainly more expensive.

January-March of Fannie Mae loss attributable to ordinary shareholders works $1.52 per share. It takes into account 2.2 billion in payments of dividends to the Government. That compares to a loss of 13.1 billion dollars, or $2.29 per share, in the same period last year.