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Fannie Mae loses $2.2B in first quarter as home loans falter
posted 8:04 am Tue May 06, 2008 - Washington
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Fannie Mae says it lost $2.2 billion in the first quarter as home-loan delinquencies mounted amid the continuing housing slump.The quarterly loss at Fannie Mae, the largest U.S. buyer and backer of home loans, contrasts with a profit of $961 million in the January-through-March period last year. Fannie Mae reported on Tuesday that the early 2008 loss was equivalent to $2.57 a share. It earned 85 cents a share a year earlier. Thomson Financial said Wall Street analysts had expected the government-sponsored company to lose 81 cents a share in the latest period. Washington-based Fannie Mae was forced to set aside billions to account for bad loans.
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