Monday 10 November 2008

Fannie reports $29 billion loss in Q3 as defaults rise

Government-controlled mortgage finance company Fannie Mae says it lost $29 billion in the third quarter as it took a massive
tax-related charge and saw mortgage defaults continue to rise.

The company, seized by federal regulators more than two months ago, posted a loss of $13 per share for the July-September quarter, mainly due to a $21.4 billion non-cash charge to reduce the value of a tax asset. That compares to a loss of $1.4 billion, or $1.56 a share, in the year-ago period.

Analysts surveyed by Thomson Reuters expected a loss of $1.60 per share.

Source: EconomicTimes

Posted by Harsh at 07:15

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