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Fannie Mae Third-Quarter Loss Widens to $1.52 Billion
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Fannie Mae posted a third-quarter net loss that was double its loss from a year earlier because of slumping home prices and the squeeze in credit markets that drove values of mortgage securities lower.
Fannie Mae [FNM
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] , the largest source of mortgage financing in the United States, said its third-quarter loss widened to $1.52 billion, including preferred stock dividends, or $1.56 per share, from $760 million, or 79 cents per share, a year earlier.
Friday's filing marked a return to current financial reporting for Fannie Mae since it was shaken by an accounting scandal in 2004. The company has promised to return to timely reporting with its annual report to be offered in February 2008.
In its filing with the Securities and Exchange Commission, Fannie said it expected a housing sector downturn to lead to a further decline in new mortgage loans in 2008.
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