WASHINGTON (AP) -- Mortgage finance company Fannie Mae swung to a second-quarter loss that was more than triple what Wall Street expected as conditions in the housing market continued to deteriorate.Here's the details of the Freddie loss:
The Washington-based company, the largest U.S. buyer and backer of home loans, said Friday it lost $2.3 billion, or $2.54 a share, for the quarter that ended June 30. The loss compares with profit of $1.95 billion, or $1.86 a share, in the period last year.
Analysts surveyed by Thomson Financial had expected a loss of just 68 cents a share.
Freddie Mac reported its fourth consecutive quarterly loss, losing $821 million, or $1.63 per share, in the second quarter, down from a gain of $729 million, or 96 cents per share, a year earlier. The results missed analysts' expectations for a 54-cent-a-share loss.Interestingly, these and all the other bad news don't seem to worry the markets, which prefer to focus on the declining price of oil as another good reason to rally.