WORLD> America
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WORLD> America
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Freddie Mac reports loss of $821 million
(Agencies)
Updated: 2008-08-06 19:51 The companies own or guarantee more than $5 trillion in mortgages, or nearly half of all US home loans. Freddie said revenue rose by more than 10 percent from the first quarter to $1.69 billion, including a increase of 92 percent in net interest income to $1.5 billion. Total credit losses, meanwhile, rose to $810 million from $528 million in the first quarter. Freddie Mac shares closed Tuesday at $8.04, up 6.9 percent on the session amid the biggest one-day gain for the benchmark Standard & Poor's 500 in four months. While the stock has more than doubled from its early-July low of $3.89, it remains nearly 90 percent below its 52-week high of $66.65 set last August.
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