| Fannie Mae, the giant mortgage funding company, today reported that deterioration in the housing market led to a sixfold increase of its expenses during the third quarter for loan delinquencies and foreclosures. The company said it expects "significant increases" in its foreclosures and serious delinquencies next year. The financial toll has been exacerbated by "rapidly declining" sales prices on foreclosed properties, which reduces the amount of money the company can recover when homeowners default on their mortgages, Fannie Mae said. .
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