Benchmarking

Another Freddie Shock: Big Loss, Div Cut

Q2 deficit is $821 million at the mortgage lender, leading to $2.5 billion provision for credit losses. Payout is now 5 cents, rather than 25.
Stephen TaubAugust 6, 2008

Freddie Mac’s second quarter net loss of $821 million, about triple the consensus forecast, led the embattled mortgage lender to take a $2.5 billion provision for credit losses, more than twice the $1.2 billion it took in the first quarter.

To preserve liquidity, Freddie also cut its dividend 80 percent, to a 5 cents from 25 cents.

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