The McLean, Virginia-based company, seized by federal regulators more than two months ago, posted a loss on Friday of US$19.44 per share for the third quarter, due to a US$14.3 billion charge to reduce the value of tax assets and US$6 billion in credit losses due to declining market conditions. -- PHOTO: REUTERS
WASHINGTON - MORTGAGE finance company Freddie Mac says it is asking the government for US$13.8 billion (S$21 billion) in aid after posting a US$25.3 billion loss in the third quarter.
The McLean, Virginia-based company, seized by federal regulators more than two months ago, posted a loss on Friday of US$19.44 per share for the third quarter, due to a US$14.3 billion charge to reduce the value of tax assets and US$6 billion in credit losses due to declining market conditions.
The results compare with a loss of US$1.2 billion, or US$2.07 a share, in the year-ago period.
Analysts were looking for a loss of 89 cents per share for the latest quarter, according to Thomson Reuters. -- AP
