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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.