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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 […]


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