Freddie Mac Posts $6 Billion Quarterly Loss (Hope & Change Alert)
Troubled US mortgage firm Freddie Mac reported Monday a second quarter net loss of six billion dollars and sought another 1.8 billion dollars from the Treasury to contain the red ink.
The government-backed company said its strategies to boost business and “sustainable homeownership” were taking hold but cited high unemployment posing “very real challenges” for the already embattled housing market.
Freddie Mac suffered a 6.009 billion dollar net loss attributable to common stockholders in the April-June period from a loss of 7.980 billion dollars in the first quarter and 840 million dollars in the year ago period.
(Excerpt) Read more at biggovernment.com .
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