Mortgage news

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Thursday, January 10, 2008

Freddie Mac may be downgraded by Moody's

January 10 2008
Freddie Mac's financial strength rating may be cut by Moody's over concerns that the government-sponsored mortgage finance company will experience higher-than-expected credit losses. Freddie shares fell more than 4 percent Thursday morning but later recovered. Fallout from the ongoing housing slump and credit crunch has forced Freddie and its larger government-sponsored rival Fannie Mae to set aside billions of extra dollars to account for bad home loans.

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