Freddie Posts First Loss since 2012


Posted To: MND NewsWire

Freddie Mac said today that the company had a net loss in the first quarter of 2016, the first time in four years that it has failed to show a profit. The company posted a $354 million net loss and a $200 million comprehensive loss compared to a net profit in the fourth quarter of 2015 of $2.16 billion and comprehensive income of $1.64 billion. Despite the loss, Freddie Mac said it would not require a draw on its line of credit with the U.S. Treasury. Between August 2008, when it was placed along with Fannie Mae, in federal conservatorship, and the end of 2012 the company drew a total of $71.3 billion in support from the Treasury but has not required a draw since the fourth quarter of 2012. It has paid a total of $98.2 billion in dividends back to Treasury but has not been permitted to reduce…(read more)

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