Fannie Mae reports $29 Billion quarterly loss
Bailout, Current Events, Fannie/Freddie, Spillover | (0)
From Bloomberg:
Fannie Mae posted a record quarterly loss as new Chief Executive Officer Herbert Allison slashed the value of the mortgage-finance provider's assets by at least $21.4 billion and said it may need to tap federal funds next year.
In its first report since being seized by the U.S. government last month, Washington-based Fannie Mae said its third-quarter net loss was $29 billion, or $13 a share, from $1.4 billion, or $1.56, a year earlier.
Allison, installed last month when the government took over Fannie and its smaller rival Freddie Mac, reduced most of Fannie's deferred tax credits, increased default estimates and ...
