Freddie Mac reported a third-quarter loss of $1.1 billion on its private-label holdings leaving "significant exposure for further deterioration," according to one analyst. Jim Vogel of FTN Financial said the government-sponsored entity nearly covered its preferred dividend payment back to the Treasury Department from ongoing operations during the third quarter. Also credit losses stayed flat and non-performing loans fared slightly better than the prior quarter. "These are not gangbuster numbers, of course, they are better than the alternative of ongoing deterioration," Vogel said. But increased impairments on private-label mortgage loans nearly tripled for the quarter rising to the $1.1 billion from $400 million, putting the mortgage giant at risk for more losses there. Earlier Wednesday, Freddie Mac reported a third-quarter loss of $4.07 billion, including a $1.56 billion dividend payment to the Treasury. Write to Jason Philyaw.