Fannie Mae Loses $29 Billion on Write-Downs – NYTimes.com
The mortgage insurance giant, Fannie Mae, said Monday that it had lost a record $29 billion in the third quarter as the company wrote down a tax-related asset that has buoyed capital and the housing slump deepened.
Fannie Mae Loses $29 Billion on Write-Downs – NYTimes.com.
Now some of these writedowns are a change in valuation of tax deferred assets so it might be a bit of “smoke and mirrors” from that standpoint, but even if part of it is, that’s not a good number. I mean, let’s say that 50% of it was those valuation realignments (how’s that for a politically correct wording?) that means they still had $14.5 Billion in losses.
Ouch.
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