Mortgage giant Freddie Mac said Tuesday that it expects to report a third-quarter loss of $150 million to $300 million as a result of Hurricanes Katrina and Rita.
The second-largest U.S. buyer and guarantor of home mortgages disclosed the preliminary estimate for the July-September period, saying that it continues to assess the impact of the devastating Gulf Coast storms on its financial position. The anticipated losses stem from Freddie Mac’s guarantees of timely principal and interest payments on home loans and from its investment holdings of securities that are tied to mortgages in the affected areas.
For this complete story, please visit Freddie Mac Expects Huge Hurricane Losses.
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