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Saturday, November 17, 2007

Fannie Mae reports $1.4 billion in mortgage loss

November 17 2007
Fannie Mae executives on Friday defended a change in the way the mortgage finance company
calculates losses on home loans, responding to analysts' concerns as its stock price fell. Shares of Fannie the largest U.S. buyer and backer of home loans, fell more than 5%. They recovered from an earlier dive of more than 16% and a decline of 10% the day before. The chief financial officer and other executives of the government-sponsored company, which reported a $1.4 billion third-quarter loss last week, held a conference call with Wall Street analysts to address fears that the new bookkeeping method could downplay the number of bad loans that Fannie holds, and consequently its potential losses.

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