Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Fannie Mae Posts Record $29 Billion Quarterly Loss

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Reuters
Monday, Nov 10, 2008

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.

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.

(Article continues below)

Fannie Mae Posts Record $29 Billion Quarterly Loss 161008pptv2

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.

  • A d v e r t i s e m e n t

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

 

Full article here

This article was posted: Monday, November 10, 2008 at 11:59 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Ferguson Citizens: Forget The Fraternal Order of Police See the rest on the Alex Jones YouTube channel.

CDC Reports On Safety Breach with Bird Flu Virus See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.