UPDATE 1-Ex-Fed Poole-Nonfinance firms may seek Fed loans

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WASHINGTON, Sept 10 (Reuters) - Former Federal Reserve Governor William Poole on Wednesday said recent government intervention in financial markets raises the possibility companies outside the banking and financial arenas could seek federal loans to prevent business failures.

"It is naive to believe that non-financial firms would never engage in a concerted political campaign to obtain Federal Reserve loans," he said in remarks to a seminar organized by research firm Macroeconomic Advisors.

Poole said that since the Fed stepped in to prevent the collapse of investment bank Bear Stearns in March, officials have not done enough to make clear the limits of the government safety net.

"The Fed and Treasury have done nothing to define limits to access to Fed resources," he said.

The failure of a large airline or car company could also be seen as broadly damaging to the economy, and therefore justify a government rescue, Poole said.

"With the Bear Stearns precedent, it will not be so easy to say no next time," Poole said. "The Fed and Treasury have not gone far enough to define the new regime.

In all likelihood, the limits to government protection will not be known until the Fed says no to a large, influential firm, Poole said.

The former Fed governor said accumulated losses at Fannie Mae and Freddie Mac "could be stunning." He said an estimated loss of 5 percent on Fannie and Freddie portfolios and outstanding mortgage-backed securities would amount to $300 billion. (Reporting by Mark Felsenthal; Editing by Andrea Ricci)