Fannie May Write Down $5.2 Billion in Tax Credits
Fannie Mae is reviewing whether it will have to write down $5.2 billion in low-income housing tax credits after the U.S. Treasury rejected its request to sell the investments, the mortgage-finance company said today.
The Treasury found an agreement to sell about half of Fannie Mae’s credits would have cost taxpayers more than the company would gain from the deal, according to a letter sent November 6 to the Washington-based company. The Treasury was considering whether to let Goldman Sachs Group Inc. buy credits, which could be used to lower the firm’s tax bill.
“We are evaluating whether Treasury’s decision changes our prior determination that we continue to have the intent and ability to sell or otherwise transfer” the credits, the company said in a filing today with the Securities and Exchange Commission.
Fannie May Write Down $5.2 Billion in Tax Credits
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