Troubled housing lender Freddie Mac posted its fourth consecutive quarterly loss and performed even worse than expected by analysts.
The federally backed company reported a net loss of $821 million, or $1.63 per share, in the second quarter of 2008 compared to net income of $729 million, or $0.96 per share, in the second quarter of last year. Freddie Mac also said it had made provision for credit losses of $2.5 billion, compared to $1.2 billion for the first quarter of 2008, reflecting increases in delinquency rates, foreclosures and the estimated severity of losses driven by continued declines in home prices.
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