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Specialty Lender & Broker/Dealer - Regulatory and Legal Developments
Report: US Treasury to reject sale of Fannie Mae tax credits
November 07, 2009 5:21 AM ET
By Heta Shah

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The U.S. Treasury Department will withhold its approval of the proposed sale of Fannie Mae tax credits to Goldman Sachs Group Inc., Reuters reported Nov. 6, citing an administration official.

The official told the news agency that blocking the sale of tax credits would provide more protection to taxpayers rather than approving it.

Fannie Mae said in its Form 10-Q filed Nov. 5 that it entered into a nonbinding letter of intent to transfer half its low-income housing tax credits, worth about $2.6 billion, to third-party investors. The company received approval from the Federal Housing Finance Agency to go ahead with the sale of tax credits, but approval from the Treasury is still pending.

Berkshire Hathaway Inc. reportedly joined Goldman Sachs in its bid to buy tax credits from Fannie Mae.

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