Troubled home mortgage lender Freddie Mac reported a 60-percent-drop in net income for the first half of 2005, $1.64 billion, partly reflecting losses on derivatives contracts used to hedge interest-rate risks as well as accounting changes.

The company did report that the fair value of its net assets rose 2.2 percent from a year earlier, to $27.4 billion.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access