Profits Plunge At FreddieMac
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.