Fannie Mae Loses $2.3b in Quarter as Defaults Rise
|August 8, 2008|
WASHINGTON (AP) — Mortgage finance company Fannie Mae says it swung to a second-quarter loss that was more than triple what Wall Street expected as the housing market continued to slump.
The Washington-based company, the largest U.S. buyer and backer of home loans, says it lost $2.3 billion, or $2.54 a share, for the quarter that ended June 30. The loss compares with profit of $1.95 billion, or $1.86 a share, in the period last year.
Analysts surveyed by Thomson Financial had expected a loss of just 68 cents a share.
Copyright 2008 @ Associated Press