NEW YORK ( TheStreet) -- Fannie Mae ( FNMA) reported a third-quarter net loss of $5.1 billion and announced that its regulator would request another $7.8 billion in borrowings from the government. The mortgage giant -- placed under government conservatorship in September 2008 along with Freddie Mac ( FMCC) -- lost $2.9 billion in the second quarter, and $1.3 billion in the third quarter of 2010. Fannie's $7.8 billion deficit as of Sept. 30 reflected a total comprehensive net loss of $5.3 million, plus $2.5 billion in dividends paid on preferred shares held by the U.S Treasury. Following the additional $7.8 billion draw that will be requested by acting Federal Housing Finance Agency, or FHFA, director Edward DeMarco, the Treasury will hold $112.6 billion in Fannie Mae preferred shares, requiring the insolvent company to pay an annual dividend of 10%, or $11.3 billion. Fannie Mae said that through the third quarter it had paid the government a total of $17.2 billion in dividends. The company said the wider third-quarter loss reflected $4.9 billion in credit expenses and "$4.5 billion in fair value losses driven primarily by losses on risk management derivatives due to a significant decline in swap interest rates during the quarter," which were partially offset by $5.5 billion in net revenues. Fannie Mae CEO Michael Williams said that despite "continued weakness in the housing market and the economy overall," the company was "making solid progress," by "growing a strong new book of business that now accounts for nearly half of our overall single-family guaranty book of business." Williams also said that Fannie was helping "homeowners to avoid foreclosure and provide liquidity to enable working families to buy a home or secure quality affordable rental housing," and was "committed to building a stronger housing finance system for the future, and strengthening Fannie Mae to deliver value to customers, families, taxpayers, and the industry." The acting FHFA director was in hot water this week, when Senator John McCain (R-Ariz.) complained about $12.9 million in bonuses being paid to executives of Fannie Mae and Freddie Mac, which the senator said were approved by "Mr. Edward J. DeMarco."