Losses from Fannie Mae and Freddie Mac’s single-family credit guarantee business declined in 2011, but remained high primarily due to credit-related expenses, notably the provision for credit losses, according to the Federal Housing Finance Agency. The FHFA’s fourth-quarter conservatorship report noted that the two government-sponsored enterprises’ combined revenues for single-family credit guarantees of $11 billion last year was more than offset by $40 billion in credit-related expenses. “Credit-related expenses continue to drive the single-family credit guarantee segment for the enterprises,” said...