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Freddie Mac loses $4.1bn
MORTGAGE buyer Freddie Mac yesterday posted a narrower loss of $4.1bn (£2.5bn) in the July to September quarter.
The government-controlled mortgage buyer also asked for an additional $100m in federal aid, substantially less than the $1.8bn it sought in the second quarter.
Freddie Mac’s third-quarter loss attributable to common stockholders works out to $1.25 a share. It takes into account $1.6bn in dividend payments to the government.
It compares with a loss of $6.7bn, or $2.06 a share, in the third quarter of 2009. The government rescued Freddie Mac and sibling company Fannie Mae nearly two years ago to cover their losses on soured mortgage loans, and it estimates the bailouts will cost taxpayers up to $259bn.