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Freddie Mac's Posts a 60% Drop in Net Income for the First Half
Sep 01, 8:49 AM ET
The decline reflected losses on derivatives contracts used to hedge interest-rate risks.
Freddie Mac, supplier of funding for home-mortgage loans, said that net in the first half of the fiscal year totaled $1.64 billion, down versus $4.07 billion last year, while earnings per share were $2.22, down vs. $5.74 a year ago. Analysts expected earnings per share of $3.48 in the latest half. The company also added that the fair value of its net assets as of June 30 advanced 2.2% to $27.4 billion versus last year.
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