Meanwhile, Fannie Mae has reported a $101 million loss in the third quarter on its investments in manufactured housing securities, which totaled $8.3 billion as of Sept. 30.The manufactured housing loans have been plagued by high delinquency and foreclosure rates, and the national credit rating agencies are continuing to downgrade many MH securities. "Based on our analysis, we have recorded impairment on certain of these purchased securities of $101 million, which is included in fee and other income," Fannie says in its third-quarter financial filing with the Securities and Exchange Commission. The secondary market agency was still holding $25 million in below-investment-grade MH securities on its books as of Sept. 30. In addition, Fannie has guaranteed and issued $501 million in manufactured housing securities, and $20 million of those securities are below investment-grade. In August, Fannie tightened its underwriting standards on the MH loans it purchases and securitizes.

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