Fannie Mae, the home mortgage company, said on November 9th that its third-quarter loss more than doubled, to $1.39 billion, as a deepening housing slump increased mortgage delinquencies. The net loss was caused by a $2.24 billion decline in the value of derivative contracts and $1.2 billion in credit losses among the $2.7 trillion of mortgage assets Fannie Mae owns or guarantees, the company said in a filing with the Securities and Exchange Commission.
Enough said. How would you like to be the position to guarantee some of these mortgage assets? Mortgage guarantee insurance, either lender paid or borrower paid, is causing some to take a real beating. But if you want to laugh a little check out this video that we found on the Settlement Scams website.
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