Fannie Mae swings to losses for quarter and year

Mortgage-finance giant Fannie Mae on Wednesday posted losses for the fourth quarter and for all of 2007, citing the continuing drag in the housing and mortgage markets and disruptions in the credit markets.

For the quarter, Fannie swung to a loss of $3.80 a share from profit of 49 cents in the year-earlier period.

The loss was worse than expected: Analysts surveyed by FactSet were expecting Fannie Mae to report a loss of $1.21.

For the year, the company swung to a loss of $2.63 a share from profit of $3.65 a share a year earlier.

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- Posted: 2008-02-27 09:48:07

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