Profits Plunge At FreddieMac

Register now

McLEAN, Va. - (04/05/05) -- Freddie Mac said a $4.5 billion losson financial derivatives last year pushed annual profits down 40%to $2.62 billion, or $3.78 a share, compared to fiscal 2003. Forfiscal 2003, net income was $4.8 billion, or $6.68 per share. Netinterest income for the year fell 4% from the record highs of 2003to $9.14 billion. The company, which is still working to correctfaulty financial statements, did not release finances for itsfiscal fourth quarter but said it hoped to do so by the end of theyear.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER