Revenue and net income were both down for Fannie Mae and Freddie Mac in the third quarter, and the two government sponsored entities (GSEs) expect the housing market to deteriorate further in the fourth quarter.

Collectively, the GSEs have set aside $4.3 billion in credit loss builds to account for a decline in home values in the fourth quarter, according to earnings reports from the housing finance giants.

Fannie Mae posted net income of $2.4 billion in the third quarter, a $2.2 billion drop from the second quarter, which represented a 47.6% details ⇒

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