Freddie Mac loses $821 million for the quarter
Fannie/Freddie, Meltdown | (0)
From Bloomberg:
Freddie Mac, the U.S. mortgage-finance company hobbled by record foreclosures, slashed its dividend at least 80 percent after posting a quarterly loss that was three times wider than analysts’ estimates.
Freddie dropped 19 percent in New York trading and the larger Fannie Mae declined 15 percent on mounting concern that the government-chartered companies will sacrifice shareholders to bolster capital. Freddie doubled its reserves for future home- loan losses to $2.8 billion, a sign that Chief Executive Officer Richard Syron sees no end in sight to the worst housing slump since the Great Depression.
The results, combined with Syron’s delay in selling ...
