Fannie Mae Will Just Get Worse

Earnings report from Barney's BFF, Fannie.

Fannie Mae reported a loss of $25.2 billion ... in the fourth quarter of 2008, compared with a third-quarter 2008 loss of $29.0 billion ...

That's not all, folks.

We expect the market conditions that contributed to our net loss for each quarter of 2008 to continue and possibly worsen in 2009, which is likely to cause further reductions in our net worth

And that's BEFORE "rescues" and "cram-downs."

HT: Calc