12 Mar 2009

Freddie Mac loses $US50.1 billion for 2008

10:01 am on 12 March 2009

US mortgage agency Freddie Mac has reported a 2008 net loss of $US50.1 billion, nearly half of which occurred in the fourth quarter.

Freddie Mac said on Wednesday it had a fourth quarter net loss of $US23.9 billion, down slightly from a $US25.3 billion loss in the third quarter.

Losses in the final quarter were mainly driven by writedowns and increased credit-related expenses.

Freddie Mac was taken over by the federal government in September to prevent its collapse.

The company said its government-appointed conservator has asked the US Treasury for an additional $US30.8 billion in funding as part of its bailout.