Fannie Mae reports $25bn losses for 4Q08

Mortgage agency Fannie Mae announced losses of $25.2 billion for the fourth quarter of 2008 last month, linked to mortgage defaults, falling home prices and ailing credit markets.

The poor showing was driven by $12.3 billion in net fair value losses, credit-related expenses of $12 billion and securities impairments of $4.6 billion.

Largely contributing to the government-sponsored entity's poor result was an $11.4 billion mark-to market loss due to declines in the value of derivatives contracts

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