Freddie Mac Plans to Raise $5.5B

McLEAN. Va. -- Freddie Mac said Wednesday that its first-quarter loss widened to $151 million as the housing market worsened, though the results were not as poor as expected, The Associated Press reported.

The company, based in McLean-Va., also said that it planned to raise $5.5 billion in new capital, the AP reported.

The quarterly loss at Freddie Mac was larger than a loss of $133 million in the first quarter a year ago. The results were equivalent to a loss of 66 cents a share, compared with 35 cents a share a year earlier, the AP reported.

It reported a $2.5 billion loss in the fourth quarter, the AP reported.

-- NYSSCPA.org News Staff

Posted on 5/14/08