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U.S. markets recover from steep losses
MCLEAN, Va., June 14 (UPI) -- Freddie Mac, the No. 2 mortgage finance company in the United States, Thursday reported a first quarter net loss of $211 million, or 46 cents per share.
Its fair value of net assets fell $300 million during the first quarter reporting period ending March 31, Freddie Mac reported in a news release.
For the same period in 2006, Freddie Mac reported net income of $2 billion, or $2.80 per share.
The drops in net income and fair value mainly were due to losses on market-to-market items, the McLean, Va., company said.
Total revenue fell to $424 million in the first quarter of 2007 from $2.48 billion for the same period a year earlier.
On an annualized basis, its credit guarantee portfolio volumes, however, showed growth by finishing the quarter up 16 percent and its retained portfolio grew 6 percent, Freddie Mac said.
"While the full impact of the housing downturn has not been felt, our credit position has remained strong relative to our historical levels and the market as a whole," Richard F. Syron, Freddie Mac chairman and chief executive officer, said.
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