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Banks See Value of GSE Preferred Securities Drop.
South Bend, IN -- In an indication of how widespread mortgage-related problems spread late last year, even banks that avoided subprime lending are taking charges on mortgage assets, including the preferred securities of Fannie Mae and Freddie Mac.
1st Source Corp. here, parent of 1st Source Bank and First National Bank, Valparaiso, Ind., recorded impairment related to its holdings of the GSEs' preferred securities.
"Going into the month of December we were carrying a gain on these securities which quickly evaporated when Fannie Mae and Freddie Mac went to the markets for additional capital in late November and early December," said 1st Source chairman Christopher Murphy III in the company's earnings release.
"With the turmoil in the financial markets and the concern over ...
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Source: HighBeam Research, Banks See Value of GSE Preferred Securities Drop.