Freddie Mac loses $929 million

[The Northerner]

(Reuters) - Mortgage finance giant Freddie Mac (FMCC.OB) on Wednesday said it lost just short of a billion dollars last quarter, though it did not ask taxpayers for more aid as the loss stemmed from interest payments to the government.

The second-largest U.S. residential mortgage funds provider reported net loss attributable to common shareholders of $929 million in the first quarter, including a $1.6 billion payment to the government. Without that interest payment, Freddie Mac earned about $676 million in the first three months of the year.

That's the first three month period since the second quarter of 2009 that the firm reported positive net income, excluding the interest payment, and stems from higher quality loans made in recent years.

The first-quarter loss, including the interest payment, represents about $0.29 per share.

Freddie Mac and its sister firm Fannie Mae (FNMA.OB) have taken more than $150 billion in taxpayer aid since they were seized by the government in late 2008.

Read more: http://www.reuters.com/article/2011/05/04/us-usa-treasury-freddie-mac-idUSTRE7437PY20110504?feedType=RSS&feedName=businessNews&rpc=23&sp=true

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