Fresh blow for Fannie as Fitch lowers rating
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The downgrade, which affects some $4bn of preferred stock, will make it more expensive for Fannie to raise money in the capital markets if it sells preferred stock to help meet its new capital requirements.
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The company lowered its 2008 profit outlook for the second time this year, as leery consumers held their pocketbooks closer.
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NEW YORK : Standard and Poor&#39;s downgraded the credit rating of US carrier Delta Air Lines, which had already been considered vulnerable to default.
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Fannie Mae, the giant mortgage finance company, agreed yesterday to abandon accounting methods that its regulator criticized last week as being used to manipulate financial results.
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Rating companies began a new wave of rating cuts Thursday as they reassessed the fallout from deteriorating subprime loans, drawing increased scrutiny from investors who are questioning why the agencies failed to act earlier.
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The deep-discount retailer misses earnings projections and lowers its outlook.
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US mortgage finance giant Fannie Mae (FNM.N: Quote, Profile, Research) said on Tuesday the Securities and Exchange Commission had changed the status of its investigation of the company&#39;s accounting to formal from informal.
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Sears, Roebuck and Co.'s credit rating was cut by Fitch Ratings on Monday to BBB-, one notch above junk status, a few days after the retailer trimmed its 2004 earnings outlook.
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WASHINGTON (CBS.MW) - Mortgage giant Fannie Mae&#39;s shares fell more than 5 percent early Wednesday after a government report blasted the company&#39;s accounting practices and questioned the reporting of its past earnings.
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U.S. mortgage applications sank last  week to the lowest level since the end of last year despite  falling borrowing costs, an industry trade group said on  Thursday.
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Business & money: The number of new mortgage approvals fell to its lowest level in over two years in September.
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The retailer lowers its outlook after same-store sales fall.
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Goldman Sachs Group Inc.   subprime mortgage bonds issued last year are being downgraded  by rating companies at the fastest rate of any issuer,  according to Citigroup Inc. research dated June 22.
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WASHINGTON - Regulators have found serious accounting problems at mortgage giant Fannie Mae, prompting an inquiry by the Securities and Exchange Commission and calling into question its financial soundness. The company's shares dropped nearly 7 percent Wednesday...
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Moodyâs Investors Service may reduce the ratings of $5 billion of collateralized debt obligations after lowering the ratings of subprime mortgage bonds that make up the securities.
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Regulators have discovered serious accounting problems at mortgage giant Fannie Mae , prompting an inquiry by the Securities and Exchange Commission and calling into question its financial soundness, the company disclosed yesterday. Its shares fell nearly 7 percent.
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Moody's Investors Service lowered the credit ratings on $5.2 billion of bonds backed by subprime mortgages and Standard &amp; Poor's said it may cut ratings on $12 billion as the companies seek to deflect criticism they were too slow to act as home-loan defaults rose.