The losses for Fannie Mae (NYSE: FNM) were extraordinary in 2010, as the largest mortgage finance company in America continues to experience huge losses in the wake of the mortgage meltdown.

For the entire year, the company lost $74.4 billion, a major increase over 2008, which was also a major disaster, as they lost $58.8 billion at that time. For 2009 the losses equaled $13.11 a share.

Fourth-quarter net losses totaled $16.32 billion in for Fannie Mae, which didn't include the $1.2 billion in losses related to dividend payments on senior preferred stock which was owned by the U.S. Treasury.

About the only positive out of this is the fourth quarter losses were less than the third quarter, which stood at $19.76 billion.

There is nothing to indicate losses at Fannie Mae are going to stop any time soon, and indicated they will need more infusions of cash to survive going forward.

After the dismal performance in the fourth quarter, Fannie has already asked the U.S. Treasury Department for an additional $15.3 billion to keep afloat.

As far as nonperforming loans, they increased by almost $100 billion from 2008 to 2009, where in 2008 they were $119.2 billion, while in 2009 they surged to $216.5 billion. And we're supposedly in an economic recovery?

U.S. taxpayers have had to support the failed company, which was taken over by the government in the latter part of 2008. The government promised on behalf of U.S. taxpayer to absorb an unlimited amount of losses for the next three years at the time, and after that another $400 billion for three years after that. So this promise extends through 2014.

Although Fannie Mae executive attempt to assert the spin that things are stabilizing in the mortgage markets, the fact is since 2008, the number of residential loans behind by 90 days or more have more than doubled at the end of 2009 from that time, as they were at 2.42 percent at the end of 2008 and grew to 5.38 percent at the end of 2009.