Freddie Mac loses revenues, but increases value
by Brian Turner
Freddie Mac, the second-largest mortgage-finance provider in the United States, reported on Thursday that its net income declined by 42 percent in 2004.
However, the company also reported an increase of 13 percent in the fair value of its assets.
The federal office that oversees Freddie Mac said that the company had adequate capital based on the report.
The delay in reporting on Freddie Mac’s earnings is due to an investigation that found that it had underreported its earnings by 5 billion dollars in 2000 to 2002. The investigation resulted in top executives being dismissed, a reorganization of Freddie Mac’s accounting and compliance protocols, and the issuance of restatements of earnings.
The report of a decline in earnings last year did not put off Wall Street, however: Freddie Mac’s stock had risen 1.2 percent, or 75 cents a share by the middle of the day Thursday.
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