Fannie Mae, the mortgage finance giant, reported a 2009 annual loss of $74.4 billion as the U.S. commercial and residential mortgage market continues to lag the rest of the economy in emerging from crisis.
The Washington, D.C.-based company was put under federal conservatorship with its sister company Freddie Mac in 2008 after the firm suffered deep losses due to crisis in the real estate market.
Last Friday, Fannie Mae asked the U.S. Treasury for $15.3 billion in additional funding.
Fannie Mae disclosed total non-performing loans, or loans that are in default, of $216.5 billion as of Dec. 31, 2009, up from $119 billion at the end of 2008. The losses suffered in the latest quarter were mostly caused by such loans in default.
"We expect to have a net worth deficit in future periods, and therefore will be required to obtain additional funding from Treasury," Fannie Mae told Reuters.
In a statement, the company reiterated its mission in sustainable home-ownership for Americans. "We continue to work closely with our industry partners and the government to reach every borrower we can and to address rising foreclosures," Fannie Mae CEO Mike Williams said in a statement. "Our overriding objective is keeping people in their homes whenever possible."
Source: http://www.theepochtimes.com/n2/content/view/30504/
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
No comments:
Post a Comment