Fannie Mae requests $8.4 billion more in federal aid

The $8.4 billion loss, driven primarily by credit-related expenses that remain elevated because of weaknesses in the economy and housing market, takes into account a $3.3 billion reduction in deficit related to new accounting standards and unrealized gains on available for-sale securities. 

"In the first quarter we continued to serve as a leading source of liquidity to the mortgage market, and we made solid progress in our ongoing efforts to keep people in their homes," said Mike Williams, Fannie Mae President and CEO in a statement. 

The company completed 94,000 loan modifications in the first quarter, half of which were conversions of trial modifications under the Obama administration's Home Affordable Modification Program.