US government-sponsored Freddie Mac reported a net loss of $151 million for the first quarter of 2008 overnight – a significant improvement from the $2.5 billion net loss reported for the fourth quarter of 2007.
Chairman and chief executive of Freddie Mac Richard F. Syron said the result was a good result, despite ongoing challenges because of credit market conditions.
He said he was especially pleased that the company continued to serve its missions of being “a consistent, reliable provider of affordability, liquidity and stability to the nation’s housing finance system”.
Freddie Mac plans to raise $5.5 billion worth of new capital to continue serving its “mission” and meet the market’s needs in this “time of stress”.
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