Freddie Mac Posts $21.6B Loss For 2009

Posted by Orb Staff on February 24, 2010 No Comments
Categories : Residential Mortgage

Freddie Mac has reported a net loss of $21.6 billion for the full-year 2009, compared to a net loss of $50.1 billion for the full-year 2008. For the fourth quarter of 2009, Freddie Mac reported a net loss of $6.5 billion, compared to a net loss of $5.4 billion for the third quarter of 2009.Â

Freddie Mac reported a positive net worth of $4.4 billion at the end of the fourth quarter of 2009, compared to positive net worth of $9.4 billion at the end of the third quarter.

Charles E. Haldeman Jr., chairman and CEO of Freddie Mac, expressed cautious optimism that this year will see an increase in stability and financial viability for the government-sponsored enterprise.

‘We start 2010 with some early signs of stabilization in the housing market, with house prices and home sales likely nearing the bottom sometime in 2010,’ Haldeman said in a statement. ‘We expect that low mortgage rates, relatively high affordability and the homebuyer tax credit will help continue to fuel the recovery. Still, the housing recovery remains fragile, with significant downside risk posed by high unemployment and a potential large wave of foreclosures.’

SOURCE: Freddie Mac

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