Fannie: Hurricanes to Cost $250-550M

Published October 11, 2005, 2:00 p.m. EDT

1 Min Read

Fannie Mae has filed a Form 8-K informing the Securities and Exchange Commission that the impact of hurricanes Katrina and Rita is likely to cost the company $250 million to $550 million on an after-tax basis.Updating the SEC on its capital restoration plan, Fannie Mae also said it believes the company exceeded its 30% capital surplus requirement as of Sept. 30. In September 2004, Fannie Mae entered into an agreement with regulators stipulating that the company should hold 30% excess capital above its minimum capital standard. Fannie Mae can be found on the Web at http://www.fanniemae.com.

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