Banking, finance, and taxes
Freddie Mac (FRE) Manages To Lose $25 Billion
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Freddie Mac (FRE) reported a net loss of $25.3 billion, or $19.44 per share, for the quarter ended September 30, 2008, compared with a net loss of $1.2 billion, or $2.07 per share, a year earlier.
Third-quarter results were driven primarily by a non-cash charge of $14.3 billion related to the establishment of a partial valuation allowance against the company’s deferred tax assets, $9.1 billion in security impairments on available-for-sale securities and $6.0 billion in credit-related expenses arising from the dramatic deterioration in market conditions during the third quarter, including declining home prices, increasing unemployment, a significant decline in consumer spending and a considerable tightening of both consumer and business credit
Douglas A. McIntyre
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