This goes along with another thread earlier this weak The worst housing market n 70 years? Lets see 70 from 2008 is ......1938 wow only Harry can remember back that far.
But se4riously it doesn't sound good.
http://news.bbc.co.uk/2/hi/business/7549428.stm
Problems in the US housing market have pushed mortgage finance company Fannie Mae into the red.
The group sank to a net loss of $2.3bn in the three months to 30 June, against a profit of $1.97bn last year.
It comes days after its sister company Freddie Mac posted worse-than-expected results and its top executive warned house price falls are not over yet.
Both government sponsored firms own, or guarantee, nearly half of the nation's mortgage debt.
Shares in Fannie Mae sank in the wake of the announcement, falling 9.8% to $8.98.
Difficult market
As mortgage guarantors, Fannie Mae and Freddie Mac, must pay out when people default on their loans.
But as a result of recent woes in the US housing market and subsequent sub-prime crisis the pair have run into severe difficulty.
Fannie Mae says it has the capital to weather the storm, but its looking more and more stormy by the day
John Raines,
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Q&A Freddie Mac and Fannie Mae
Fannie Mae said that the .....con
Most difficult housing market in 70 years
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