Fannie Mae and Freddie Mac could write down the value of their subprime and alternative-A securities by as much as $16 billion, according to a new report issued by Credit Suisse. CS analyst Moshe Orenbuch estimates that Freddie's charge could be as high as $11 billion, Fannie's $5 billion. Mr. Orenbuch said the government-sponsored enterprises, through September, have recognized "minimal impairments" on their roughly $230 billion in subprime and alt-A holdings. Both GSEs declined to comment on the CS report. Fannie and Freddie are scheduled to release fourth-quarter earnings at the end of February, but have not yet specified an exact date.

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