S&P Cuts Fannie Mae Rating

Submitted by Ronald Tennant with Metrocities Mortgage:

Washington Post (05/20/08) P. D4
Fannie Mae's "risk-to-the-government" rating was downgraded to A+ from AA- by Standard & Poor's Ratings Services. The rating gauges the strength of the government-sponsored enterprise in the absence of government support. After three consecutive quarterly losses, Fannie Mae has been forced to unload stocks and bonds to generate $7.2 billion in capital.