BY MARJORIE KORN, MEDILL NEWS SERVICE
Fannie Mae [[FNM]] was poised to open more than 16 percent lower, after plunging by $1.65 per share in premarket trading Friday, hovering around $8.30 down from Thursday’s close of $9.95, the lowest since July 16. The company’s 52-week low of $6.68 was set July 11.
In a press release, the company said the U.S. housing market has been the worst since the Great Depression and plans on raising more than $7 billion in additional capital in the second quarter. Results “were driven primarily by an increase in the provision for credit losses that more than offset higher revenue and fair value gains.”