Fannie Mae says Florida losses more than quadrupled

NEW YORK (Reuters) - Fannie Mae (FNM.N), the largest provider of funding for U.S. residential mortgages, said losses on Florida home loans have more than quadrupled since the end of 2006.

The loss ratio in Florida has climbed to 180 basis points this year from 160 basis points at the end of 2007 and 40 basis points in December 2006, Rob Levin, Fannie Mae's chief business officer, said on a conference call.

Fannie Mae earlier reported a bigger-than-expected $3.6 billion loss for the fourth quarter as it wrote down the value of loans it holds and guarantees on mortgage-backed securities it issues.

A drop in value of derivative hedges also contributed to the loss, it said.

(Reporting by Al Yoon)