Freddie Mac reported a $1.7 billion loss for the fourth quarter ended Dec. 31 and a $19.7 billion loss for the entire 2010 fiscal year on Thursday. The GSE also said it would be asking the government for more aid. On a per-share basis, the company’s loss amounts to 52 cents per share in the fourth quarter and $1.25 per share for fiscal year 2010. The company’s fourth-quarter loss is narrower than the $4.1 billion loss recorded in the third quarter. The GSE said as of Dec. 31, it had a net worth deficit of $401 million and will be asking its conservator, the Federal Housing Finance Agency to request a $500 million draw on the Treasury to help the GSE out. The GSE blamed its deficit on several factors — the main being a required $1.6 billion dividend payment to the Treasury. These expenses caused the GSE’s net worth deficit to exceed total income, Freddie said Thursday. Write to Kerri Panchuk.
Freddie Mac narrows 4Q loss; to seek more government aid
Most Popular Articles
Latest Articles
11 real estate events & conferences to help you thrive in 2024
Forge new connections at these in-person events and conferences that can help take your career to the next level.
-
In quest to grow reverse business, US Mortgage Corporation hires Krajewski
-
NAR wants VA to change rules that prohibit veteran buyers from paying broker commissions
-
Renters gain financial edge over homebuyers in key U.S. markets: Realtor.com
-
Reverse-centric Ibis Software appoints Sivori to board of directors
-
Clear Capital extends its partnership with Cherre