The loss follows net income of $73 million during the previous quarter.
The company said it would ask the government for a fresh taxpayer infusion of $6.2bn after paying dividends to the Treasury.
Fannie Mae said the vast majority of its credit losses in the first quarter were attributable to single-family loans that it purchased or guaranteed from 2005 through 2008.
The company’s single-family book of business had $206bn in nonperforming loans as of 31 March 2011.
The company’s net loss attributable to common stockholders in the first quarter of 2011 was $8.7bn, or $1.52 per diluted share, including $2.2bn in dividend payments to the US Treasury.
As of 31 March 2011, the company’s net worth deficit was $8.4bn. Since its senior preferred stock was issued, the company has paid a total of $12.4bn in dividends to Treasury.
In the first quarter of 2011, Fannie Mae purchased or guaranteed approximately $189bn in loans, measured by unpaid principal balance, which includes approximately $20bn in delinquent loans purchased from its single-family mortgage-backed securities (MBS) trusts.
