Magazine article Mortgage Banking

Freddie Mac Tallies Net-Worth Deficit of $10.5 Billion in First Quarter

Magazine article Mortgage Banking

Freddie Mac Tallies Net-Worth Deficit of $10.5 Billion in First Quarter

Article excerpt

McLean, Virginia---based Freddie Mac posted a net loss of $6.7 billion in this year's first quarter. The loss meant the government-sponsored enterprise (GSE) will seek an additional $10.5 billion draw from the Department of Treasury to remain net-worth-positive. The net loss attributable to common stockholders was $8 billion, the company said.

The company said it had a provision for credit losses of $5.4 billion in the first quarter, down from $7 billion in last year's final quarter. The company saw net interest income of $4.1 billion and derivative losses of $4.7 billion.

Freddie said its total single-family delinquency rate was 4.13 percent at the end of March. That was down from 4.2 percent as of Feb. 28, 2010, yet up from 3.98 percent as of Dec. 31, 2009.

The company reported that its single-family net charge-offs rose to $2.8 billion in the first quarter. That was up from $2.4 billion in last year's final quarter, which the company said was primarily due to an increase in foreclosure transfers. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.