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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.

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