(Source: Washington Business Journal)
Freddie Mac, battling falling home prices and the shaky economy, had a surge in credit-related expenses inthe first quarter.
The McLean-based housing-fianance giant said that during the three months ended March 31, it lost $9.9 billion, or $3.14 per diluted share, compared with a net loss of $151 million, or 66 cents per diluted share, for the year-ago period.
Total revenue slipped to $771 million from $1.4 billion in the first quarter of 2008.
“This was another difficult quarter for Freddie Mac, as declining home prices and the weak economy continued to take a toll on our results,” said Freddie Mac interim CEO John Koskinen. “Despite these challenges, we continued to play a leading role in the housing recovery by injecting $148 billion of liquidity into the market, helping to drive mortgage rates to historic lows and preventing foreclosures for 40,000 homeowners.”
Read Tierney Plumb’s full article “Freddie Mac loses $9.9B” in the Washington Business Journal (May 13, 2009).