Swiss Re hit by $9.6bn holding of Fannie and Freddie debt
(BestWire) — reinsurance giant Swiss Re has disclosed it owns roughly $9.6 billion of corporate debt from troubled US government-backed mortgage lenders Freddie Mac and Fannie Mae.
In a note to investors, Swiss Re said it held $5.2 billion in Freddie Mac and $4.4 billion in Fannie Mae corporate debt at the start of July. The reinsurer’s stock fell about 8% during afternoon
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