Early Briefing: Fannie Shares Slide



* Shares of Fannie Mae experienced their steepest two-day drop in 20 years after concerns grew among investors that the home mortgage giant changed its financial disclosures in a way that could mask credit losses. The company said it did not change its accounting, only the way it presented the information in an attempt to be more clear. See story.

* A $200 million African-themed resort featuring a three-acre indoor water park that the company bills as having just about everything but sharks may be coming to Fredericksburg. Larry D. Silver's Silver Companies, a District- and Boca Raton-based development firm, is proposing to build the "Kalahari Resort at Celebrate Virginia" next to the town's future convention center an a planned U.S. National Slavery Museum. The resort would mix the park, dining, retail, housing, a 700-room hotel, conference center, golf course and outdoor waterpark. Whew! See story.

* A panel of Maryland state leaders is recommending millions of dollars be spent on roads, schools and sewers in anticipation of a Pentagon realignment plan that is slated to spark "the single largest job growth in our State since the end of World War II." The group also wants to give local governments more leverage with developers and more incentives to encourage development around the military bases. See story.

* A task force appointed by Maryland's governor has proposed several ways to address the state's escalating foreclosure rate, including stricter oversight of lenders, a longer foreclosure process and tougher laws against fraud. See story.

* The Loudoun County Board of Supervisors has rejected Kincora, a proposal to build a community of shops, offices and apartments in Ashburn. See story.

* Today's Real Estate section offers a few cautionary tales about folks who gave their condo association documents a quick once-over before buying, only to discover some surprises in the fine print down the road. See story.

By Dan Beyers  |  November 17, 2007; 8:01 AM ET
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