Freddie Mac Takes Charge on Home Bonds
Freddie Mac, the second-largest U.S. mortgage finance company, said it took charges of $93 million against earnings from 2000 through 2002 after reducing the value of securities it owns that are backed by mobile-home loans.
Fannie Mae, Freddie Mac’s larger rival, announced Monday that it would record a charge of $240 million to $260 million for write-downs in value of similar securities in which it invested.
Freddie Mac, based in McLean, Va., also said it would record write-downs for 2003 when it releases its full financial results for the year, by June 30.
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