Monday, November 10, 2008

frying pan to fire to………

Fannie Mae Reports Record Loss After Asset

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

Posted by mark @ 02:05 PM (488 views)
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2 thoughts on “frying pan to fire to………

  • I can’t believe no one has commented on this post.

    “The company said today it may fall to negative net worth by the end of next quarter, requiring it to seek government funding”

    Realistic write downs here (by the new management appointed by the govt.) really show the state of the U.S. housing market.

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  • @51ck-6-51x – its a strange quirk (IMO) of this site that often a really informative/relevant article attracts little or no comment. This is (again IMO) an excellent article and ties in with a questioned posed on another of todays threads – “is America bankrupt”? certainly looks that way to me and it’s of little consolation that the UK aint far behind !

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