Freddie Mac lost almost $26 billion last year !
In the final three months of last year, Freddie Mac posted a loss of $7.8 billion, Freddie Mac, which has lost almost $80 billion since the housing crisis started in 2007, is bracing for more pain from foreclosures and REO’s (Bank Owned homes) should continue to increase from this problem, seems like the short sales and loan modifications are not helping enough yet.
A record 4 percent of its borrowers are at least three months behind on their payments and facing foreclosure.
Its chief executive, Charles Haldeman, warned Wednesday of a “potential large wave of foreclosures” still to come.