Fannie Mae said today that it lost $29 billion in the most recent quarter, putting the company closer to having to draw on the $100 billion in taxpayer money committed to it in September, CNNMoney.com reported.

The mortgage lender said that as of Friday it had yet to draw on those funds. But it warned in a filing that “if current trends in the housing and financial markets continue or worsen …we may have a negative net worth as of Dec. 31, 2008.” In that event, Fannie said, it would need to tap into an unspecified amount of those taxpayer dollars.

The company would not comment on whether it had started to receive those funds as of today, and a spokesperson from the U.S. Treasury Department, which has taken control of Fannie Mae and Freddie Mac, was not immediately available for comment.

The two government-sponsored enterprises together control or guarantee about $5 trillion in mortgage loans, and they have become nearly the only financial institutions able to bundle loans together into securities that could be sold to investors.

Much of Fannie Mae’s loss was due to a $21 billion non-cash charge related to how it accounts for tax credits it had been carrying on its books; Fannie Mae is no longer confident it will make enough money in the future to allow it to use those tax credits.

The company would not estimate what the loss would have been without the charge. But it appears that the other losses would have been greater than in past periods, and worse than expected.

With more loans in default, credit-related losses soared to $9.2 billion from $5.3 billion in the second quarter and $1.2 billion a year earlier.