by Calculated Risk on 5/06/2008 08:39:00 AM

From the WSJ: Fannie Mae Swings to Loss, To Seek Fresh $6 Billion

The latest results include $4.4 billion in losses on derivatives and trading securities, as well as $3.2 billion in credit-related expenses ...

Fannie's loan-loss provision soared to $5.2 billion from $249 million, with the increase from the fourth quarter being 53%.

Looking forward, Fannie said it expects "severe weakness in the housing market to continue in 2008," with the weakness projected to "lead to increased delinquencies, defaults and foreclosures on mortgage loans, and slower growth in U.S. residential mortgage debt outstanding."

Here is the press release.