Fannie Mae

Fannie Mae Q2 loss $2.30 billion vs $1.95 billion profit

The company said challenging housing and mortgage market conditions and credit performance hurt its results in the quarter.

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" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet

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mvh spx970

" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet

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``Neither of these companies have properly provisioned for what we're heading into,'' said Paul Miller, an analyst at Friedman, Billings, Ramsey & Co. in Arlington, Virginia, who has an ``underperform'' rating on both companies. ``This thing is going to get worse and last longer and deeper than they originally thought.''  

mvh spx970

" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet

Credit expenses lead to $2.3 billion loss for Fannie
Expenses offset revenue as U.S. housing market stays 'challenging'

Daniel Mudd, Fannie's chief executive, said that credit conditions are getting worse and that the company expects to have to resort to further increases in its loss reserves. Fannie Mae is conserving and enhancing its capital, he said.. 

The latest quarter's results "reflect challenging conditions in the housing and mortgage markets that began in 2006 and heave deepened through 2007 and 2008," Mudd said in a statement.
Weakness in housing should continue to adversely affect financial results into 2009, Fannie Mae said.

 mvh spx970

" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet

Fannie Mae: Q2 Ended in June, but July was Worse Fannie Mae: Q2 Ended in June, but July was Worse

 July was a tough month for our credit performance. We experienced higher defaults and higher loan loss severities in the markets that were experiencing the steepest home price declines. And that gave us higher charge-offs than we had experienced in any month in the second quarter, and higher than we had expected.

mvh spx970

" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet