Fitch: Fannie and Freddie could hand a $42B loss to major U.S. banks

08/19/2010 | Reuters

Fitch Ratings said the four biggest banks in the U.S. might suffer losses of as much as $42 billion if forced to buy back mortgages from Fannie Mae and Freddie Mac. The pool of loans at risk for Bank of America, Citigroup, JPMorgan Chase and Wells Fargo in an "extremely adverse scenario" could total as much as $180 billion, the credit rating agency said.

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