Freddie Mac in the first quarter reported a loss but did not need to get an infusion from the Treasury Department. Sister mortgage buyer Fannie Mae is less likely to run into these concerns, according to Ed Groshans, an analyst at Height Securities. In a note to clients, he says Fannie Mae's first-quarter losses on the fair value of its derivatives could reach $4.1 billion, which could result in a "close to breakeven quarter." He says derivative losses at Fannie Mae would need to exceed $5 billion to put it at risk of needing to drawing capital. Both Fannie and Freddie are held under government conservatorship. Fannie Mae results are due Thursday.
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