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Swiss Re says has $9.6 bln exposure to Freddie, Fannie
ZURICH - Swiss Re said on Wednesday it had total exposure of $9.6 billion to U.S. mortgage lenders Freddie Mac and Fannie Mae as of the start of July.
The reinsurer's shares fell about 8 percent, briefly hitting their lowest level in over five years, after it said its exposure to Freddie Mac was $5.2 billion and to Fannie Mae was $4.4 billion at the beginning of July.
"In response to questions we have received from analysts and investors, we are providing some information about our exposure to the U.S. government sponsored agencies," Swiss Re said in a statement.
It said that its residential mortgage-backed security portfolio was split 47 percent Freddie Mac, 44 percent Fannie Mae and 9 percent Ginnie Mae as of March 31.
Analysts at Dresdner Kleinwort and Landsbanki Kepler lowered their recommendations on Swiss Re stock earlier on Wednesday.
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