Fannie loses $13 a share; GLG Partners’ profit dips

Fannie Mae posted a large third-quarter loss, while the profit at GLG Partners LP fell. Washington-based Fannie Mae recorded a loss of $29 billion, or $13 a share, in the third quarter. That compared with a loss of $1.4 billion, or $1.56 a share, a year earlier. Analysts surveyed by Thomson Reuters had expected a loss of $1.60 a share. The loss was attributed to a $21.4 billion non-cash charge and $9.2 billion in expenses that resulted from declining home values and increasing mortgage defaults. On Sept. 7, the Department of the Treasury and the Federal Housing Finance Agency took over Fannie and McLean, Va.-based Freddie Mac and invested $100 billion in each company. Meanwhile, third-quarter earnings at GLG Partners Inc. declined 25%, as its assets under management fell. The New York-based hedge fund company said that its profit fell to $21.8 million, or 7 cents a share, from $29 million, or 9 cents a share, during the year-earlier quarter. Analysts surveyed by Thomson Reuters had expected a profit of 8 cents a share. Assets under management fell 27% from the second quarter and 16% from a year earlier, to $17.28 billion.