Treasury Trumps FHFA in Quashing Deal To Transfer $2.6 Billion in Fannie Tax Credits
November 19, 2009
Fannie Mae may have to write down its entire $5.2 billion in low-income housing tax credits after the Treasury Department nixed the transfer of about half that amount in a deal that had already been approved by the government-sponsored enterprise’s regulator, the Federal Housing Finance Agency. According to the terms of a proposed transaction, Fannie would sell about $2.6 billion of its tax...