Mortgage mess cost Fannie Mae billions

February 27, 2008 5:45:10 AM PST
The housing crisis continues to ravage Fannie Mae.

Fannie Mae says it lost $3.6 billion in the fourth quarter as home-loan delinquencies mounted. It also expects more losses this year.

Fannie Mae is the largest U.S. buyer and backer of home loans. The fourth-quarter loss contrasts with a profit of $604 million in the last three months of 2006.

Fannie Mae reported Wednesday the late 2007 loss was equivalent to $3.80 a share. It earned 49 cents a share a year ea4rlier. Thomson Financial says Wall Street analysts had expected the company to lose $1.24 a share in the latest period.


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