Democratic Underground - Freddie Mac estimates up to $300 mln storm losses

Reply #11: Freddie Mac estimates up to $300 mln storm losses [View All]

UpInArms

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Wed Oct-05-05 06:48 AM
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11. Freddie Mac estimates up to $300 mln storm losses

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=URI:urn:newsml:reuters.com:20051004:MTFH20243_2005-10-04_22-20-46_N04531379:1

NEW YORK, Oct 4 (Reuters) - Freddie Mac (FRE.N: Quote, Profile, Research) estimated after-tax losses of $150 million to $300 million for the third quarter as a result of Hurricanes Katrina and Rita, the U.S. mortgage finance giant said on Tuesday.

The company expects the losses to stem from its guarantee of timely payment of principal and interest on mortgage-backed securities, and its holding of loans backed by homes devastated by the two powerful storms that hammered parts of the U.S. Gulf Coast, Freddie Mac said in a statement.

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Reply #11: Freddie Mac estimates up to $300 mln storm losses [View All]