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MORTGAGE FINANCE
A Tax Victory for Fannie Mae
Fannie Mae won a two-year fight against the IRS to make losses in its loan portfolios more valuable from a tax standpoint, when the IRS withdrew proposed regulations asserting that the mortgages were capital assets and that any losses from them could be used only to offset capital gains.
Fannie Mae, based in the District and the biggest buyer of mortgages, its rival Freddie Mac, based in McLean, and other buyers of loans in default now stand to benefit from pending tax legislation that would allow companies to use losses realized this year to claim a refund of taxes paid in the past four years, when profits surged. The legislation has been passed by the Senate but not by the House.
ENERGY
ICF, Merrill Lynch to Sell Climate Advice
Merrill Lynch and ICF International formed a venture to sell emission credits and climate-change policy advice. ICF, based in Fairfax, which advises governments and companies on environmental policy, and Merrill will form Merrill Lynch Green & Gold to help companies in the Americas, Asia and Europe that do not face mandatory emission caps to cut greenhouse-gas output.
The size of the global market for emission credits voluntarily bought by individuals and companies wishing to allay their damage to the environment doubled to about $200 million last year, said Abyd Karmali, global head of carbon emissions at Merrill Lynch.
MERGERS & ACQUISITIONS
Carlyle, Whitney to Buy Authentix
Private-equity firms Carlyle Group, the world's second-biggest, and J.H. Whitney bought Authentix, a Dallas company that helps consumer and financial companies fight counterfeiting. Terms were not disclosed.
Authentix uses technology to mark packages and products to prevent counterfeiting and works with governments to detect illegal distribution of products and tax avoidance. Besides Carlyle, which is based in the District, and Connecticut-based Whitney, other investors include Authentix executives and Manti Resources, an energy company based in Texas.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
