Nov. 6 (Bloomberg) -- Fannie Mae [...] said it has $15.8 billion in claims against bankrupt securities firm Lehman Brothers Holdings Inc. that it will at best partially recover.
“Based on Lehman Brothers’ financial condition, we believe we will only receive a portion of these claims,” Washington- based Fannie Mae said in a filing with the Securities and Exchange Commission yesterday. The announcement came as the company posted its ninth-straight quarterly loss, of $18.9 billion, and said it will need $15 billion more in federal aid.
This is the first time Fannie Mae has quantified its exposure to derivatives and trading agreements with New York- based Lehman, an underwriter of mortgage bonds that succumbed to the subprime home-loan crisis Sept. 15, 2008 [...]
Fannie Mae files a $15.8 Billion claim in Lehman bankruptcy
It seems like Fannie Mae made every single mistake that was possible to make. And here's the latest one: