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Freddie Mac first-quarter net loss widens

NEW YORK (Reuters) - Freddie Mac, the second-biggest provider of funding for U.S. residential mortgages, on Wednesday said its first-quarter loss widened slightly as its credit losses deepened.
Posted : Wed, 14 May 2008 11:42:02 GMT
Author : Reuters
Category : US (Business)
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NEW YORK (Reuters) - Freddie Mac, the second-biggest provider of funding for U.S. residential mortgages, on Wednesday said its first-quarter loss widened slightly as its credit losses deepened.

The McLean, Virginia-based company said it lost $151 million, or 66 cents per share in the quarter, compared with a $133 million, or 35 cents per share loss in the same period a year earlier. It is coming off a record $2.5 billion loss in the fourth quarter.

Wall Street analysts expected Freddie Mac to post a net loss of $1.57 per share in the first quarter, according to Reuters Estimates.

(Reporting by Al Yoon; Editing by Tom Hals)


(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

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