RBS Will Eliminate up to 9,000 Jobs; Mortgage Delinquencies Rise 7%; Rio Rebuffs Asia Steelmakers Discount Demands; Retail Sales Dive Sans Wal-Mart; Moody’s: More Than Half of Latin American Companies At Risk; CEO Confidence Hits Record Low; MGM in Talks to Refinance Debt; Audi Sales Fall in March

Fannie Mae is supposed to be prime, but it turns out that much of its loan book is made up of less than perfect credit.

Forbes reports that yesterday “Fannie Mae executives told analysts that 43.0%, or $946 million, of the $2.2 billion in losses incurred during the first quarter involved Alt-A loans. They also said that the company’s ‘Alt-A book will continue to drive an outsize portion of our overall credit losses.’