Freddie Mac reports loss, sees more housing weakness

Mortgage-finance giant Freddie Mac on Wednesday reported a first-quarter loss on expenses related to "challenging" housing and credit-market conditions, as its chief executive predicted more housing weakness would hurt the company's bottom line this year.

Freddie Mac said it lost $151 million, or 66 cents a share, in the first quarter, compared to a loss of $133 million, or 46 cents a share, in the year-ago period.

The company said challenging housing- and credit-market conditions were behind a $1.2 billion provision for credit losses in the quarter.
But the company did better than Wall Street expected. On average, analysts surveyed by FactSet predicted that Freddie Mac would lose 91 cents a share in the first three months of 2008.

Read Full Article from MarketWatch

- Posted: 2008-05-14 08:30:25

More Stock Investor Place Financial News

Metals price rout is ending, says Credit Suisse The Gold Rally is Far From Over ... CNBC.com Editorial Uragold Raw Quartz Assays As High As 4N Purity (99.99% SiO2) Prior To Commencement Of Testing Interview with Mr. Tony Green, CEO of UMINING Resources Inc.(UMNG) Northern Gold Intersects 5.47 g/t Au OVER 17.3 m at Jonpol Deposit

Stock Investor Place Financial News Archive

April 2016 March 2016 December 2014 August 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 May 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007