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Deccan Herald

Saturday 21 November 2009
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 OECD lauds India's smart economic recovery     India-US partnership is essential: Manmohan Singh     India, China very important global players: US     11 dead, 118 trapped in China mine explosion     'India to be third largest economy by 2050'     Nuclear safety expert Krishnamoorthy passes away     Afghan aid must not fuel corruption: Gates     FIFA ban Iraq from international football     Major powers meet for Iran's nuke snub     Tata, Honeywell's David Cote to co-chair Indo-US CEO Forum    
 
Freddie Mac posts Q3 loss of $5 billion
New York Times News Service

Freddie Mac, second largest provider of US residential mortgage funding, has posted a loss of $5 billion in the third quarter and predicted it would need more government support amid “prolonged deterioration” in housing.

Increases in value of securities Freddie Mac held over the period helped buoy its net worth, however, erasing its need to tap government funds for second straight quarter to stay solvent while continuing to buy and guarantee home loans. Including a $1.3 billion dividend payment on senior preferred stock bought by the Treasury in previous quarters, Freddie Mac’s third-quarter loss increases to $6.3 billion.
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