Business Strategies Adrift, FRE Reports Record Loss
November 25, 2008
Days after Fannie Mae announced a record $29.0 billion loss for the third quarter, rival Freddie Mac said it lost $25.3 billion, also a record, with the resulting negative shareholder equity forcing the company to tap its Treasury backstop funding for $13.8 billion. Perhaps just as disturbing, neither GSE announced much of a change in their business strategies to eventually return the...