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Fannie Mae records £8.8bn net loss

US mortgage lender Fannie Mae recorded an £8.8bn net loss for Q2 this year, an increase of 84 per cent on the previous year.

For the same period last year Fannie Mae recorded a net loss of £1.4bn.

In its quarterly financial statement, the bailed-out lender said the loss was “driven by credit-related expenses”, totalling £11.2bn.

Total nonperforming loans in its guaranty book of business were £102bn on June 30, 2009.

Fannie Mae is to receive an additional £6.4bn, or $10.7bn, from the US Government to cover its reported net deficit of $10.6bn.



Soliciting business

Sifa, the representative body for solicitor IFAs, has long been campaigning to stop St James’s Place touting for referral business from solicitors passing on clients for financial advice.

L&G steering clear of consolidation despite sales fall

Legal & General has almost halved its dividend to 1.1p per share from 2p last year but has ruled out a rights issue.The firm’s interim results on Tuesday reveal operating profit on an international financial reporting standards basis plunged by 92 per cent to £31m in the first half of this year, down from £391m […]

A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery


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