RESTON, Va. – Troubled student loan giant Sallie Mae, which has been in and out of the red over the past two years, reported a second quarter loss yesterday of $123 million.
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The loss, compared to a $266 million profit for the same period last year, was caused mostly a $484 million mark-to-market loss on derivatives and hedging instruments, as well as a $355 million charge on managed private loans for the quarter, up from $202 million in the first quarter.
As a result, Sallie Mae had a $143.6 million loss for the first six months of the year, compared to a profit of $164.8 million for the first half last year.
