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ID: 29884
Title: Freddie Mac has slight profit increase (AP)
Description:

Richard F. Syron, chairman and chief executive officer of the Federal Home Mortgage Corp., commonly known as Freddie Mac, speaks during a breakfast gathering of the Boston College Chief Executives' Club in Boston in this Sept. 29, 2005 file photo. Mortgage finance giant Freddie Mac, emerging from an accounting scandal, reported Friday, March 23, 2007 it lost $480 million in the fourth quarter as a result of moves in interest rates that hurt its business of guaranteeing home loans. (AP Photo/Chitose Suzuki, file)AP - Rising foreclosures slightly dented the quality of Freddie Mac's holdings last year, the mortgage finance giant said Friday as it reported a slight increase in profit to $2.2 billion. Freddie Mac's chief executive foresees some degree of economic contagion in the future from the turmoil in the high-risk mortgage market.


Category: Business/
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Date Added: March 23, 2007 10:24:35 PM
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