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Fannie Mae Posts More Than $2 Billion First Quarter Loss
Published: May 06, 2008
Washington, D.C.-- Fannie Mae--the largest U.S. home purchaser--announced a $2.19 billion first-quarter loss Tuesday, The Wall Street Journal reports.
A year ago, its profit was $961 million. The company plans to reduce its dividend and obtain $6 billion in capital.
In 2008, Fannie Mae forecasts home prices will drop 7 to 9 percent nationally and the overall market will be in a state of "severe weakness."
