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Article: Freddie Mac Reports More Losses From Bad Loans
- Article from:
- The Washington Post
- Article date:
- August 7, 2008
- Author:
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Freddie Mac, a troubled giant of the mortgage market, yesterday
reported that its losses from foreclosures and other failed home
loans nearly doubled during the second quarter, and it predicted
that home prices would fall more than it previously projected,
compounding its woes.
Days after the government put in place a federal lifeline for the
company, Freddie Mac said its expenses from foreclosures and related
problems rose to $2.8 billion in the quarter ended June 30 from $1.4
billion during the previous three months.
From the end of March to the end of June, the company more than
doubled its reserves for anticipated losses to reflect continuing