BUSINESS BRIEFING / LENDING

TIMES WIRE REPORTS

Freddie Mac escaped the second fiscal quarter without asking the government for any new financial aid, but still expects to need more federal help in the future.

The government-controlled mortgage finance company posted a quarterly loss of $374 million, or 11 cents a share, including $1.1 billion in dividends paid to the government. Excluding those payments, it would have earned $768 million. In the year-ago period, it lost $1.05 billion, or $1.63 a share.

The McLean, Va.-based company was able to maintain a positive net worth of $8.2 billion in the quarter ended June 30. As a result, Freddie did not need to seek funding from the Treasury Department, which has provided it $51 billion since the takeover in September.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
63°