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Fannie Mae's credit default swaps widen 16 pct

Tue May 6, 2008 9:07am EDT

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NEW YORK, May 6 (Reuters) - The cost of protecting Fannie Mae's(FNM.N) debt with credit default swaps rose about 16 percent on Tuesday after the provider of U.S. home financing posted its third straight quarterly loss.

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Five-year credit default swaps on Fannie Mae rose to about 50 basis points, or $50,000 a year to protect $10 million of debt, up from about 43 basis points on Monday, according to data from Markit Intraday. For details click on [ID:nL06921648]. (Reporting by Dena Aubin; Editing by Theodore d'Afflisio)

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