<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/68a6073b-a82a-43f1-9bf3-83951c74bbd8/1F93743D-CA9B-4D52-B5D1-775B8F300A0C/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=acM0ZuOZVzQA" href="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=acM0ZuOZVzQA" style="font-size: 11px;">www.bloomberg.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=acM0ZuOZVzQA"><P> April 23 (Bloomberg) -- Fannie Mae, Freddie Mac and other companies suffering as mortgage delinquencies rise won a two- year battle with the IRS yesterday, allowing them to use those losses to reduce their tax burden. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=acM0ZuOZVzQA"><P> The Internal Revenue Service withdrew proposed regulations that had asserted that mortgage loans are capital assets and any losses from them could be used only to offset capital gains. The agency also said it wouldn't challenge companies that count such losses against ordinary income. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=acM0ZuOZVzQA"><P> The action also clears the way for Fannie Mae, Freddie Mac and other holders of defaulted loans to benefit from Senate- passed tax legislation that would allow companies to apply those losses against previous tax years to get immediate refunds. So far, 70 of the world's biggest banks, securities firms and mortgage companies have taken about $290 billion in asset writedowns and credit losses since the beginning of 2007. </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/1F93743D-CA9B-4D52-B5D1-775B8F300A0C/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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