Freddie Mac Posts More Losses
Freddie Mac recorded a loss of $7.8 billion in the last three months of 2009, narrowed from a year-earlier loss of $23.9 billion; and it lost $25.7 billion for all of last year, down from a $50.1 billion loss in 2008.
Still, the mortgage financier — which received $51 billion in aid from the federal government — said for the third consecutive quarter it would not need more taxpayer assistance.
Freddie Mac is spending money on housing recovery initiatives, but losses were tied to factors such as a decline in its portfolio of mortgage investments and dividend payments that must be made to the Treasury.
Source: The Washington Post, Zachary A. Goldfarb (02/25/10)
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