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Freddie Mac loses $6.3B in 3Q

Freddie Mac loses $6.3B in 3Q
AP
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First Published: Sat, Nov 07 2009. 03 35 PM IST
Updated: Sat, Nov 07 2009. 03 35 PM IST
Washington: Freddie Mac says its losses narrowed to $6.3 billion in the third quarter and the company didn’t need a federal cash infusion.
The McLean, Virginia-based mortgage finance company has received about $51 billion since it was seized by federal regulators in September 2008, but avoided tapping the government for more aid for the second-straight quarter.
The quarterly loss, which works out to $1.94 per share, includes $1.3 billion in dividends paid to the Treasury Department. It compares with a loss of $25 billion, or $19.44 per share, in the year-ago period.
The results were driven by $7.6 billion in credit losses as the company continued to build its reserves for bad mortgages.
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First Published: Sat, Nov 07 2009. 03 35 PM IST
More Topics: Freddie Mac | Finance company | Mortgage | US | Economy |