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Freddie Mac Suffers Large 4Q Losses

Mortgage News > Freddie Mac Suffers Large 4Q Losses
Date: 02/25/2011    Freddie Mac Suffers Large 4Q Losses

Freddie Mac reported losing a staggering $14 billion in 2010, $113 million of that was in the 4Q alone. Although these numbers seem quite threatening, the mortgage mogul reported an even greater loss of $21.6 billion in 2009.

Mac’s narrowing margin of losses mirrored that of it’s single-family delinquency rate which dropped to 3.84%, down from 3.87% a year ago.

On the coat tails of such a large loss in 2010 the company also stated that it’s vice president of single-family credit guarantee Donald J. Bisenius received a Wells notice from the Securities and Exchange Commission.  The Wells notice was alerting Bisenius of a possible law suit to be filed against him by the SEC stemming from, according to the Wall Street Journal,  “an inquiry dating back to 2008.”

Dow Jones Newswires reported grounds for such a law suit are based on possible evidence linking Mr. Bisenius to “possible violations of federal securities laws and related ruled alleged to have occurred in 2007 and 2008.”