Treasury To Block Sale of Fannie Mae Tax Credits To Goldman Sachs
By Gordon Wilcox
November 06, 2009 6:04 PM
November 06, 2009 6:04 PM
The Treasury Department will block the sale of $2.6 billion in tax credits by Fannie Mae (NYSE: FNM) to Goldman Sachs (NYSE: GS) and Warren Buffett's Berkshire Hathaway (NYSE: BRK.A, BRK.B).
Fannie had $5.2 billion in low-income-housing tax credits at the end of September and said on Thursday it has recorded $520 million in losses related to affordable-housing-tax-credit and related investments in the third quarter, according to the Wall Street Journal.
The deal was announced earlier this week. Fannie Mae has a $4 billion tax credit portfolio, according to the Journal.
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