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Freddie Mac reported net loss of $2 billion in 3rd quarter
21 November 2007
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Freddie Mac, the U.S. second-biggest mortgage finance company, reported a net loss of $2 billion in the third quarter ($3.29 loss per share). This loss was about three times analysts' expectations, and nearly triple its loss of $1.17 a share for the same quarter last year.
The firm also announced an $8.1 billion, or 25 percent drop, in the fair value of its assets, compared to an increase of approximately $300 million for the same period in 2006.
Executives said the fourth quarter won't look much better and additional losses could further erode the company's capital position.
The shares suffered their biggest loss since Freddie Mac's December 1988 initial public offering, dropping 29% to $26.74.
Current market capitalization for Freddie Mac is $17.38 billion
Current share price on the NYSE: $26.74
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