NEW YORK—Shares of mortgage lenders sank Tuesday after Fannie Mae reported a loss of $2.2 billion in the first quarter.
The government-sponsored company warned of continued weakness in the housing market and the need to raise additional cash to weather the downturn.
How shares of some mortgage companies fared in morning trading Tuesday:
Countrywide Financial Corp. lost 30 cents, or 5.6 percent, to $5.06.
IndyMac Bancorp fell 12 cents, or 3.7 percent, to $3.17.
Washington Mutual Inc. skidded 42 cents, or 3.8 percent, to $10.74.
Fannie Mae fell sank $1.19, or 4.2 percent, to $27.12.
Freddie Mac lost $1.63, or 6.4 percent, to $23.89.
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