Skip navigation
Fannie Video Gallery
Protecting yourself from the next global money meltdown, with Robert Wiedemer, America's Bubble Economy co-author, and J...
How to make money now, with Daniel Mudd, Fortress Investment Group CEO.
Members of the Joint Economic Committee question Treasury Secretary Timothy Geithner on financial reform.
Rep. Kevin Brady (R-TX) goes after Treasury Secretary Timothy Geithner regarding the Obama Administration's economic pol...
Rob Nichols, president and COO of the Financial Services Forum, discusses the "too big to fail" battle.

As of Tuesday, November 24th:
The blended earnings growth rate for the S&P 500 for Q3 2009, combining actual numbers for companies that have reported, and estimates for companies yet to report is unchanged at -13.8% from the previous day. As of October 1st, the earnings growth rate was at -24.7%.Of the 488 S&P 500 companies who have reported Q3, 79% beat estimates, 7% were in-line, and 14% were below estimates.  The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -13.8%. (Data provided by Thomson Reuters)

LATEST EARNINGS RESULTS


Current DateTime: 11:51:04 24 Nov 2009
LinksList Documentid: 29017166
Expiration DateTime: 11/24/2009 11:54:26 PM

Current DateTime: 11:51:05 24 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 11:51:05 24 Nov 2009
LinksList Documentid: 33793611
  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

  • The Many Myths of Coca-Cola

      Can you tell which statements are true, and which ones are just rumors?


Current DateTime: 11:51:05 24 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
Fannie Mae Posts Record $29 Billion Quarterly Loss
By: Reuters | 10 Nov 2008 | 09:43 AM ET
Text Size

Fannie Mae, the largest provider of funding for U.S. residential mortgages, on Monday said it lost a record $29 billion in the third quarter as the company wrote down a tax-related asset that has its buoyed capital.

The quarterly loss is the fifth consecutive for the Washington-based mortgage finance company that has been operating under a government conservatorship since September.

CNBC.com

Fannie Mae in October warned it would write down "substantially all" of its deferred tax assets, which had become a controversial addition to capital as losses mounted.

Deferred tax assets can be used to offset future taxes, but only if the company can show it will return to profitability.

Credit expenses soared to $9.2 billion in the quarter due to deteriorating mortgage credit conditions and as home prices declined, the company said in a statement.

Fannie Mae's loss equaled $13 per share, compared with a loss of $1.4 billion, or $1.56 per share a year earlier.

The company said it expects a significant loss for the fourth quarter if downward trends in U.S. housing and financial markets continue.

Further losses for the company this quarter mean the government may have to inject billions of dollars of capital to help the company maintain routine operations.

The government pledged to keep a positive level of shareholders equity.

Stockholders equity fell to $9.3 billion in the third quarter from $44 billion at the end of 2007.

The figure may be negative by Dec. 31, the company said.

Fannie Mae [FNM  Loading...      ()   ] and rival Freddie Mac [FRE  Loading...      ()   ] own or guarantee nearly half of all U.S. residential mortgages.

Equity investors, while nearly wiped out under the conservatorship, have been eager to see if the regulator will instruct the companies to sacrifice profit for bigger volumes in their mortgage guarantee and investment businesses.

Both have been given the room to expand portfolios by a combined $200 billion through 2009, but they have been slow to follow through as their funding costs have risen.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon

Current DateTime: 11:51:05 24 Nov 2009
LinksList Documentid: 29016957
Expiration DateTime: 11/24/2009 11:52:57 PM

Current DateTime: 11:51:06 24 Nov 2009
LinksList Documentid: 29017287
Expiration DateTime: 11/24/2009 11:52:27 PM


Current DateTime: 03:14:50 24 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 09:37:24 24 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 04:59:27 24 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 07:49:43 24 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters