Fannie's big loss: Friday morning's roundup

-- Fannie whack: Fannie Mae reports a bigger-than-expected $2.3-billion loss and says mounting mortgage defaults mean more losses are on the way. The hemorrhaging, coupled with Freddie's equally  grim earnings report Wednesday, are ratcheting up talk of a taxpayer, er, government bailout.

-- Mozilo gone but not forgotten: The Times reports that regulators have stepped up their investigation of Countrywide Financial Corp. -- now part of Bank of America -- and are probing whether ex-CEO Angelo Mozilo violated insider-trading laws.

-- Saints and sinners: Fortune has a snappy photo gallery highlighting eight players who saw the credit crunch/mortgage mess coming and eight who didn't. No big surprises -- Mr. Mozilo pops up on the "didn't" list -- but interesting viewing nonetheless.

-- Latest foreclosure stats: Mr. Mortgage at Implode-O-meter gets a jump on parsing July foreclosure data from for-profit foreclosure research outfit ForeclosureRadar, via Patrick.net.

-- Annette Haddad

Photo: Getty Images

Tips? Email annette.haddad@latimes.com

Comments

[Louis Cabeza]

More importantly, Fannie also announced REDUCED dividends for their shareholders. Nice, we're on the hook for a virtually insolvent institution and shareholders are still getting dividends?

[Mike P]

So when Fannie and Freddie need to raise capital (and is there anyone who thinks they won't?), taxpayers are forced to buy as much stock as they want to sell? Nice! Thanks Paulson for screwing us over.

[Hank Venture]

love the links, hate the censorship

[Eastsiiiide]

Must see video:

"Lyin' on the docs 'bout my pay"

http://www.youtube.com/watch?v=xga2pPSRqSU&eurl=http://www.venicesurfreport.com/

[Tim K.]

Even bigger news is that Fannie Mae is no longer accepting Alt-A loans.

That's gotta seriously impact the banks who were still planning on selling these to FNM to get out of trouble.

FNM also is ramping up their fraud checks to force banks to take back loans that have false documentation (i.e. most Alt-A loans).

[Steve]

Angelo made a fundamental mistake in America, he made too much money. The Feds are going send him to the big house no matter what. He will be the poster boy for thie entire RE debacle and the Feds will be relentless. It is not that he committed insider trading, he simply made too much money and now he will pay.