WASHINGTON — The continuing woes of the economy in general and the housing industry in particular again took their toll on mortgage buyer Freddie Mac as it today reported that during the third quarter its revenues fell $25.3 billion.
The company, which was placed into conservatorship in early September, took a $13.3 billion charge because it doesn't expect to be able to use certain tax credits that it had previously counted as assets.
Freddie's losses prompted it to request $13.8 billion from the Treasury Department, under terms established when the government placed it into conservatorship. At that time, the government replaced the company's top leadership.
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The mortgage buyer has struggled all year. It posted losses of $821 million in the second quarter and a $528 million loss in the first quarter.
Freddie and Fannie Mae, which are government-sponsored enterprises, own or guarantee $5.2 trillion worth of home mortgages, about half of all outstanding loans.
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