Posted AT 9:32 AM EST on 08/08/08
Fannie Mae posts 4th straight loss
NEW YORK — Fannie Mae, the largest U.S. home funding source, Friday posted its fourth straight quarterly loss as home loan defaults increased and said it would slash its dividend more than 85 per cent and take other steps to shore up its capital position.
Just three weeks after U.S. authorities took sweeping measures to support Fannie Mae and smaller rival Freddie Mac , the Washington-based company reported a greater-than-expected loss of $2.
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