WASHINGTON — The continuing woes of the economy in general and the housing industry in particular again took their toll on mortgage buyer Freddie Mac as it today reported that during the third quarter its revenues fell $25.3 billion.
The company, which was placed into conservatorship in early September, took a $13.3 billion charge because it doesn't expect to be able to use certain tax credits that it had previously counted as assets.
Freddie's losses prompted it to request $13.8 billion from the Treasury Department, under terms established when the government placed it into conservatorship. At that time, the government replaced the company's top leadership.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
