Fannie, Freddie to need almost $90 bln more-WHouse

WASHINGTON Feb 14 (Reuters) - The White House expects to shovel close to $90 billion to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) over the next few years, though the two firms are expected to begin paying back more than they receive starting next year, according to President Barack Obama's fiscal 2012 budget request.

The two firms were seized by the Bush administration in 2008 amid mounting losses from loans gone bad and have already taken more than $150 billion in taxpayer aid. The Obama administration expects that cumulative total to reach $236 billion by fiscal year 2021.

At the same time, the firms are required to pay back the taxpayers in the form of a dividend payment that is expected to be larger than what they receive from the government beginning in fiscal year 2013, which begins Oct. 1 of next year.

The administration expects the two firms to receive $48 billion this fiscal year, which ends Sept. 30. Next year they are seen receiving $29 billion while taking an additional $11 billion in the fiscal year that starts Oct. 1, 2012.

That year, the firms will pay back $23 billion, the first year the dividend is larger than the payment to the firms referred to as government sponsored enterprises.

The administration expects cumulative net payments, which factor in how much has been paid back, to fall to $73 billion by fiscal 2021 from about $134 billion so far. (Reporting by Corbett B. Daly; Editing by Sandra Maler)