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Fannie Mae 2nd-quarter loss widens, seeks loan modifications to help lower defaults
WASHINGTON (AP) ' Government-controlled mortgage company Fannie Mae says its second-quarter loss attributable to shareholders widened as it continues to seek out loan modifications to help lower defaults amid the ongoing difficulties in the housing and mortgage markets.
Fannie Mae lost $5.18 billion, or 90 cents per share, for the period ended June 30. That compares with a loss of $3.13 billion, or 55 cents per share, a year earlier.
The quarter included $6.1 billion in credit-related expenses tied to its pre-2009 book of loans. Fannie Mae said Friday that it aims to lower its credit losses while keeping as many families as possible in their homes.
The period's results also included $2.3 billion in dividend payments to the U.S. Treasury.
Revenue climbed to $5.24 billion from $4.5 billion.