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| Home Front Economy | |
| Barney Frank's | |
| 2009-03-11 | |
| WASHINGTON (AFP) -- Freddie Mac, the ailing US mortgage finance giant seized by the government, reported Wednesday a 2008 net loss of 50.1 billion dollars, nearly half of which occurred in the fourth quarter. Freddie Mac 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 portfolio, and increased credit-related expenses, said the company which 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.
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| Posted by:Unerelet Crith8441 |