Continued Market Pounding Forces GSEs to Take $11 Billion of Writedowns on Their MBS Holdings
November 21, 2008
Fannie Mae and Freddie Mac lost an astonishing $54.3 billion in the third quarter between the two of them, including $10.9 billion in writedowns on their mortgage-backed securities holdings for the period. Freddie Mac this week said it lost $25.3 billion, driving shareholder equity into the red and compelling the company to ask Treasury for $13.8 billion from its backstop funding authority...