WASHINGTON, DC-Fannie Mae has reported a loss that took even wary Wall Street analysts by surprise. In Q2, the GSE lost $2.3 billion, or $2.54 per share. This follows its $2.2 billion loss in Q1. By contrast, in Q2 2007, Fannie Mae had registered a profit of $1.95 billion, or $1.86 a share.

Despite Fannie’s declining financials – this is the fourth consecutive quarterly loss for the GSE – its net loss for Q2 still surpassed the range the Street had been expecting: namely a loss between 68 cents a share to 97 cents per share. The news, not surprisingly, set Fannie Mae’s shares plummeting Friday morning by nearly 20% at one point, reaching $8.13 per share.

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