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Freddie Mac posts $4.1B loss for Q3
By: forbes.comPosted On: 11/03/2010 11:17 A
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Mortgage buyer Freddie Mac has posted a loss of $4.1 billon in the July-September quarter. The government-controlled mortgage buyer is also asking for an additional $100 million in federal aid.
Mortgage buyer Freddie Mac has posted a loss of $4.1 billon in the July-September quarter. The government-controlled mortgage buyer is also asking for an additional $100 million in federal aid.
The government rescued McLean, Va.-based Freddie Mac ( FRE - news - people ) and sibling company Fannie Mae ( FNM - news - people ) nearly two years ago to cover their losses on soured mortgage loans, and it estimates the bailouts will cost taxpayers up to $259 billion.
Freddie Mac's third-quarter loss attributable to common stockholders works out to $1.25 a share. It takes into account $1.6 billion in dividend payments to the government. It compares with a loss of $6.7 billion, or $2.06 a share, in the third quarter of 2009.
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