More losses in the mortgage industry: Freddie Mac
Uncategorized November 20th, 2007
We keep seeing more and more financial companies coming out with mortgage related losses due to the subprime problem but it is not just subprime, the problems are spreading to Alt-A and even conforming loans. Now it is Freddie Mac’s turn.
The USA Today reports the following:
WASHINGTON (AP) — Freddie Mac (FRE), the nation’s second-largest buyer of home mortgages, said it set aside $1.2 billion in the third quarter to account for bad home loans as the company posted a $2 billion loss Tuesday.
Losses widened from $715 million last year during the same period.
