Fannie Mae to Write Off Deferred Tax Credit Assets: More than $20 Billion?

NY Times story HERE says that Fannie Mae has indicated that it will write down substantially all of the value of deferred tax credit assets.

(My recollection from earlier financial statement review is that the vast majority of these credits are likely Low Income Housing Tax Credits).

Story says that these deferred tax credits stood at more than $20 Billion at the end of June and are likely higher at the end of the quarter that ended on Sept.30th. Write off may be in response to lawsuits and most importantly the absence of foreseeable profits.

Fannie Mae press release is HERE.

I do not have any understanding of the impact that the write off of these credits would have on individual projects or investors, nor what the role of the government will be now that Fannie Mae has been taken over.