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Article: Business Briefing.(Business)
- Article from:
- Rocky Mountain News (Denver, CO)
- Article date:
- August 7, 2008
CopyrightCOPYRIGHT 2008 Rocky Mountain News. All rights reserved. Reproduced with the permission of Thomson Scientific by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Rocky staff and wire reports
NATIONAL
Housing lender Freddie Mac on Wednesday posted a second-quarter loss that was more than three times larger than Wall Street expected as a huge number of borrowers with good credit fell behind on their exotic and risky mortgages.
The losses were concentrated in a handful of states - notably California, Florida, Nevada and Arizona - where speculation was rampant, prices skyrocketed and buyers stretched to the financial limit to afford a home.
Freddie is reeling from loans - made in 2006 and 2007 as the market turned sour - to borrowers with solid credit but little proof of their income, or ...