NEW YORK (Reuters) - Fannie Mae (FNM.N) and Freddie Mac (FRE.N), the two biggest U.S. mortgage finance giants, have enough capital to absorb probable losses through the end of the year, according to Citigroup equity research.

Estimated third and fourth quarter revenue of $7.5 billion for Fannie Mae and $5.5 billion for Freddie Mac would cover likely losses of $1.5 billion and $1.2 billion, Citigroup said in slides for a conference call on Tuesday.

The excess capital over minimums in the second half of the year would thus total $20.3 billion for Fannie Mae and $12.7 billion for Freddie Mac, the slide presentation obtained by Reuters shows.

The companies have come under intense scrutiny over the past few months on investor speculation that mortgage losses would cause shortfalls in capital, and lead to a bailout by the U.S. Treasury. Fannie Mae and Freddie Mac shares have tumbled since May with analysts contending a taxpayer-funded rescue could leave shares worthless.

Citigroup analyst Bradley Ball in an August 22 report asserted that shareholder interests would likely be preserved despite increased chances for "extraordinary" actions by the companies and policymakers.

(Editing by James Dalgleish)

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