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Fannie Mae bled a little less red ink in the second quarter, but default rates on the home loans it guarantees are rising.

The government-controlled mortgage financer reported a loss of $14.8 billion for the second quarter on Thursday, compared with a $23.2 billion deficit the quarter before. The chief culprit: $18.8 billion of credit losses tied to rising defaults and foreclosed property expenses.

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Daniel Indiviglio was an associate editor at The Atlantic from 2009 through 2011. He is now the Washington, D.C.-based columnist for Reuters Breakingviews. He is also a 2011 Robert Novak Journalism Fellow through the Phillips Foundation. More

Indiviglio has also written for Forbes. Prior to becoming a journalist, he spent several years working as an investment banker and a consultant.
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