Fannie Mae Lands on its Keister |
News - Financial News | |||
Written by Hugh McManus | |||
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Fannie Mae [NYSE:FNM] shares fell 12% in early trading following the announcement of a net loss of $2.3 billion; this loss contrasts with a net profit of $1.95 billion a year earlier. The loss was related to soaring credit-related expenses, including provisions for credit losses, which totaled over $5 billion. The company also announced a reduction in the quarterly dividend to five cents per share. The entire mortgage industry faces mounting problems as credit tightens, default rates climb and property prices fall.
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