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In spite of the beating the stock market took on Monday with the Dow Jones down 242 points and even though financial stocks were among the biggest losers, Freddie Mac and Fannie Mae shares came roaring back from their awful performance on Friday. Roaring back is a relative description as the two stocks...
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Deteriorating conditions in the U.S. housing market contributed to a larger-than-expected first quarterly loss from U.S. mortgage giant FNMA ( Fannie Mae ) on Tuesday morning, which reported a loss per share of $2.57 or net losses of $2.2 billion. The street had estimated a loss of $0.81 per share. The...
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Another bad day for the financial markets as two of its major players, Fannie Mae and Swiss banking power UBS announced big losses on mortgage related investments. UBS said that it would have first-quarter losses of $10.9 billion and would cut 5,500 jobs, nearly half in its investment banking unit. The...