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Freddie Mac foresees large wave of foreclosures

Posted on 25 February 2010 by Aaron Hofmann

Freddie Mac, one of the two big mortgage finance companies taken over by the government, announced earnings today. It reported a net loss of $6.5 billion, which is great compared to a net loss of $23.9 billion in the same quarter a year ago, but a loss is a loss. So we’re talking semantics when a $6.5 billion loss is an improvement.

For the full year, Freddie Mac posted a $21.6 billion loss, less than half the $50.1 billion in lost in 2008.

Freddie Mac (NYSE: FRE) says it ended the quarter with a net worth of $4.5 billion and, as a result, did not require additional funding from the Treasury Department. It was the third straight quarter Freddie Mac did not need to tap the Treasury Department’s lifeline.

But all may not be well in Smallville. Freddie Mac CEO Charles Haldeman Jr. pointed out the risk of a potential large wave of foreclosures on the horizon.

The likelilhood of a rise in foreclosures is a very real issue and as loan modifications continue to have almost no impact, the only likely solution will be more short sales. If you find yourself in need of assistance, our team of Certified Distressed Property Experts are here to assist you. Be sure to contact us for assistance. This is a very real problem and we’re here to help.

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