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Freddie Mac Forsees Billions In Losses

Heather said: "Bad news for Freddie Mac. The company's Chief Executive just announced that they forsee another 5.5-5.7 billion dollars of losses due to home loans that went bad. [QUOTE] The government-sponsored company has already logged about $4.5 billion in projected losses during the first nine months of this year. "I honestly think it's going to get tougher before it gets better," Richard Syron, the company's chairman and CEO, said in a discussion with financial analysts in New York. Freddie's shares fell $2.09, or 6 percent, to $32.95 in morning trading. While the mortgage crisis has brought a rising wave of foreclosure notices into public view, less evident have been "pictures of people standing with furniture on the lawn" after being forcibly evicted from their homes, Syron said. "As that begins to happen, and it will happen, I am afraid of the impact that this has."[/QUOTE] He also admitted to turning in "really ugly" numbers. What do you see happening with the housing market? It seems cyclical to me. Ten years ago you were hurting if you owned rental apartments because everyone was buying a house and now the opposite seems true.. [URL="http://biz.yahoo.com/ap/071211/freddie_mac_mortgages.html"]Yahoo[/URL]"