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The second-biggest provider of of U.S. residential mortgage funding, Freddie Mac, announced today that its loss widened to $2.5 billion in the fourth quarter as the housing and credit crises worsened.
Published on February 28, 2008
The government-chartered company said the net loss increased from $401 million in the year-earlier period. It is coming off a $1.2 billion loss for the third quarter that was revised lower from $2 billion after an accounting change.
A sharper-than-expected drop in home prices that first sparked a crisis in sub-prime lending has since tainted the entire U.S. housing market, hurting Freddie Mac and its rival Fannie Mae.
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