by Calculated Risk on 5/10/2010 08:58:00 AM
Monday, May 10, 2010
Fannie Mae: $11.5 billion loss, sees no profits for "indefinite future"
For a EU / ECB summary, please see previous post: Euro Summary
From Fannie Mae:
Fannie Mae (FNM/NYSE) reported a net loss of $11.5 billion in the first quarter of 2010, compared with a net loss of $15.2 billion in the fourth quarter of 2009. Including $1.5 billion of dividends on our senior preferred stock held by the U.S. Department of Treasury, the net loss attributable to common stockholders was $13.1 billion ...Foreclosure activity is increasing:
We acquired 61,929 single-family real estate-owned properties through foreclosure in the first quarter of 2010, compared with 47,189 in the fourth quarter of 2009. As of March 31, 2010, our inventory of single-family real estate owned properties was 109,989, compared with 86,155 as of December 31, 2009.Greg Morcroft at MarketWatch reports:
Fannie sees no profits for the "indefinite future" ... financial sustainability uncertain.Here is the monthly Fannie Mae seriously delinquent graph through February ...
![Fannie Mae Seriously Delinquent Rate](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhakFnDz99LVw-ZVuFLIbV8TuLkaU6m7f8PBwur4bgj0h9GW5nj_pmA7v-oKpd-CyqzZ7sOseJuyRKGO-s9TIkjPQYVkCqZZh7F4eEIJeuBMi44Fg3la_p00bsk5a-65AQu0T_K/s320/FannieMaeFeb2010.jpg)
Fannie Mae reported that the rate of serious delinquencies - at least 90 days behind - for conventional loans in its single-family guarantee business increased to 5.59% in February, up from 5.52% in January - and up from 2.96% in February 2009.
"Includes seriously delinquent conventional single-family loans as a percent of the total number of conventional single-family loans."
It does appear the increases in the delinquency rate have slowed.