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US Fannie Mae in the red after loss of $2.3 billion
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Posted on
Aug 21 2008 2:14 AM
by
adeal
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America’s largest mortgage finance company, Fannie Mae, has revealed a net loss of $2.3 billion (£1.2 billion) for the second quarter, compared with a profit of $1.97 billion (£1.02 billion) last year. The loss is a direct result of the problems in the US housing market and the sub-prime crisis, as borrowers defaulted on home loans.
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