Falling credit costs will power earnings growth at Fannie Mae through 2000, according to analysts who attended the agency's presentation last week to the New York Society of Security Analysts.

After last Tuesday's meeting, analyst Thomas O'Donnell of Smith Barney & Co., New York, estimated that Fannie's credit losses would be $420 million on $1 trillion of at-risk business in 2000, flat in absolute terms with this year's expected losses.

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