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US mortgage lenders Fannie Mae and Freddie Mac may have lost more than $3bn (
1.8bn) as a result of the Libor scandal, regulators have said.
The estimated loss was given in an unpublished internal memo from a federal
regulator responsible for overseeing the two state-owned lenders.
It also said legal action against banks involved in fixing the Libor rate
should be considered.
Dozens of institutions are under scrutiny for allegedly rigging Libor.
On Wednesday UBS agreed to pay a total of $1.5bn to UK, US and Swiss regulators
after admitting its traders tried to manipulate Libor, while Barclays was fined
290m by US and UK authorities in June.
'Not substantiated'
The potential loss to Fannie Mae and Freddie Mac estimated by the Federal
Housing Finance Agency (FHFA) is among the largest so far reported, according
to the Wall Street Journal.
The FHFA is responsible for regulating Fannie and Freddie - two state-backed
mortgage lenders that between them own or guarantee about 50% of all US
mortgages.
In its internal memo it said the $3bn figure had been estimated using company
accounts and related to holdings of more than $1 trillion in mortgage-linked
securities, interest rate swaps and other assets.
In a statement the regulator said it had "not substantiated" any Libor-related
losses at the two lenders, and had "not made any determination regarding legal
action" against banks.
A total of 18 banks help determine the Libor rate - the interest rate at which
banks based in London lend to each other. The rate has an impact on global
lending rates.
Traders at different institutions are accused of colluding with each other to
fix the rate.
Any losses made by Fannie Mae and Freddie Mac would impact US taxpayers,
following the government bailout of the two institutions in 2008. It has
already cost the government around $137bn in bailout funds.