FACTBOX: Fannie Mae earnings, regulation, market woes
WASHINGTON (Reuters) - Fannie Mae on Tuesday reported a $2.51 billion loss in the first quarter as the U.S. housing crisis drove the mortgage finance company to a third straight quarterly loss.
The company has spent years recovering from an accounting scandal and fending off the threat of a tough, new regulator. Yet, the government-chartered company has also been called upon to help stabilize the national housing market in recent months.
Below is a timeline of some significant events for Fannie Mae.
On Tuesday, Fannie Mae's regulator eased some rules put in place after an accounting scandal and promised to ease capital requirements later this year. Separately, the company pledged to build a $6 billion cushion against possible losses.
April 18 - The Office of Federal Housing Enterprise Oversight, Fannie's regulator, settles case against former Fannie Mae executives who will pay over $30 million in combined fines, though company and insurance will cover most costs.
March 19 - Fannie Mae and Freddie Mac, its mortgage-finance cousin, pledge to pump $200 billion into the troubled housing market after the regulator eases some capital constraints put in place after accounting scandals.
February - Fannie Mae reports a $3.6 billion loss for the fourth quarter and regulator OFHEO lifts the cap on the company's investment holdings put in place after accounting woes.
December 2007 - Fannie Mae priced a record $7 billion preferred stock issue in a bid to shore up its capital base under pressure from regulators and in the face of housing declines.
Late Summer 2007 - Political allies of Fannie Mae call for the company to be permitted to make larger mortgage investments to help stabilize the housing sector.
December 2006 - Fannie Mae restates earnings for 2002, 2003 and the first half of 2004 by $6.3 billion.
December 2004 - Fannie Mae states that it must correct years of improper accounting, forcing an ouster of top executives. Regulator OFHEO demands company hold more capital and creates tough oversight regime in wake of the announcement.
(Reporting by Patrick Rucker; Editing by Leslie Adler)
