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.
Articles written by HousingWire Staff are non-bylined, and typically involve press release coverage and aggregation of coverage appearing elsewhere. So who put all these together? Our entire staff does!see full bio
Most Popular Articles
Latest Articles
How much will mortgage rates fall with the Iran deal and Fed week?
The 10-year yield is 4.43% and mortgage rates are 6.58%, with Fed week and inflation data setting the next move.
Articles written by HousingWire Staff are non-bylined, and typically involve press release coverage and aggregation of coverage appearing elsewhere. So who put all these together? Our entire staff does!see full bio