November 20, 2007

Freddie Mac hit by huge loss, says needs capital (Reuters)

The headquarters of Freddie Mac in McLean, Virginia, June 12, 2003. Freddie Mac, the second-largest U.S. mortgage finance company, on Wednesday posted a wider third quarter loss, hurt by a weak housing market and increased foreclosures. (William Philpott/Reuters)Reuters – Freddie Mac , the No. 2 U.S.
mortgage finance company, on Tuesday stunned Wall Street with a
unexpectedly wide loss and plans to slash its dividend or use
other means to raise capital to withstand a continuing downturn
in the housing market.

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