Freddie Mac reports $US50 billion loss
12-03-2009
Freddie Mac, the ailing US mortgage finance giant seized by the government, reported a 2008 net loss of 50.1 billion dollars. It said it had a fourth quarter net loss of 23.9 billion dollars, down slightly from a 25.3-billion-dollar loss in the third quarter. Losses in the final quarter mainly were driven by writedowns, including on the company's derivative porfolio, and increased credit-related expenses. The company was taken over by the government in September to prevent its collapse. The company said its government-appointed conservator has asked the US Treasury for an additional 30.8 billion dollars in funding as part of its bailout.
