WASHINGTON — The sagging housing market resulted in a $2.3 billion loss for mortgage buyer Fannie Mae in the second quarter, the company reported today.
The loss, an increase from the $2.2 billion loss in the first quarter and a decline from the $1.9 billion profit in the third quarter of 2007, prompted the company to reduce its quarterly dividend from 35 cents to 5 cents.
Fannie reported $5.3 billion in credit-related expenses and $883 million in net investment losses.
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