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Article: Freddie Mac Loses $10 Billion for Quarter; Mortgage Giant's Bailout Tops $50 Billion
- Article from:
- The Washington Post
- Article date:
- May 13, 2009
- Author:
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Freddie Mac yesterday reported that it lost $10 billion in the
first three months of the year, as investments in mortgages
continued to fall in value at the federally run housing finance
giant.
The disclosure automatically prompts a $6 billion investment from
the Treasury Department to keep the company solvent, bringing
Freddie Mac's bailout total to $51 billion in the first nine months
of its government rescue.
McLean-based Freddie Mac characterized the losses as the result
of continued declines in the economy, but also said there are some
bright signs.
"This was another difficult quarter for Freddie Mac, as declining
home prices and the weak economy continued to take a toll on our ...