facebook
twitter
rss
account
search
search
 

Freddie Mac reports $50 billion loss

March 12, 2009 at 9:39 AM   |   Comments

WASHINGTON, March 12 (UPI) -- U.S. mortgage giant Federal Home Loan Mortgage Corp. has asked the federal government for an additional $30.8 billion to offset losses.

Freddie Mac said it lost $50.1 billion in 2008, almost half of that in the fourth quarter, The Washington Post reported Thursday.

The government gave Freddie Mac $13.8 billion when it fell into federal conservatorship last fall. The government has said it would cover $200 billion of the firm's losses.

In addition, "we expect the residential mortgage market will continue to deteriorate in 2009," Freddie Mac said in its earnings report.

The government-sponsored enterprise that operates with the dual mission of making a profit and creating housing opportunities for low-income citizens said it had made changes recently "in a manner that serves public policy and other non-financial objects but may not contribute to profitability."

Topics: Freddie Mac
© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
GM recalls 221,000 Cadillacs and Impalas GM recalls 221,000 Cadillacs and Impalas
2
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
3
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
4
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
5
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
Trending News
Video
x
Feedback