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Freddie tab rises by $100M

By
Post Staff Report
Published Nov. 4, 2010, 4:00 a.m. ET

Freddie Mac reported a $2.5 billion third-quarter loss, the smallest shortfall in more than a year, but it was still forced to ask taxpayers for an additional $100 million in part to cover the cost of $1.6 billion in interest payments made to the federal government.

The narrower loss suggests mortgage delinquencies are slowing. But the company warned that delays in the foreclosure process could raise costs “significantly” and that losses could also rise amid a faltering housing recovery. The loss compared with a year-earlier shortfall of $5.4 billion.

Uncle Sam took over Freddie and its larger sibling, Fannie Mae, two years ago, and the taxpayer tab for the firms currently stands at around $134 billion.

While there were signs that mortgage delinquencies are easing, the company warned any improvements could be offset by a worsening outlook for losses on homes that go into foreclosure.