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Fannie Mae hit by housing gloom

Posted on Feb 28 2008 11:18 PM by abid

Filed Under: Mortgage servicing ,

It blamed rising home loan defaults and set aside $2bn to cover further bad loans, warning the US housing slump could still get worse.The quarterly loss cut into full-year earnings and the firm reported a loss for 2007 of $2.05bn, compared with a profit of $4bn for the year before.

Tags: Mortgage servicing ,

Full story: news.bbc.co.uk

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