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Thursday, June 4, 2009

MORTGAGE FINANCE

Fannie, Freddie Aid Seen as 'Sufficient'

Fannie Mae and Freddie Mac's $400 billion lifeline from the Treasury Department should be "sufficient" to see the mortgage-finance companies through the worst housing market since the Great Depression, their regulator said.

The companies have requested $84.9 billion in taxpayer aid and will need continual support from the Treasury this year, James B. Lockhart III, director of the Federal Housing Finance Agency, said in prepared testimony to be delivered today before a House Financial Services subcommittee.

-- Bloomberg News

LEGAL

U.S. Takes Up Blackboard Complaint

Blackboard Inc.'s patent infringement complaint against Desire2Learn won review by the U.S. International Trade Commission. Blackboard seeks to bar the Canadian firm from importing and selling software that the District-based company alleges infringes on its technology used by colleges to put class lectures online.

-- Bloomberg News

EARNINGS

SAIC's Profit Rises

SAIC said fiscal first-quarter profit rose 13 percent, to $116 million, as revenue soared on U.S. military spending on defense logistics and cybersecurity. Revenue for the San Diego-based contractor, which has more than 17,000 employees in the Washington region, rose nearly 12 percent, to $2.65 billion, compared with the year-ago period.

-- Associated Press

Iridium Satellite said earnings fell 42 percent in the first quarter, to $9.7 million, citing expenses related to its next-generation satellite program. The Bethesda-based company said revenue rose 2 percent, to $75.8 million.

-- Terri Rupar


© 2009 The Washington Post Company

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