Mortgage giant Freddie Mac posted a loss of $211 million in the first quarter of 2007, the company announced Thursday.
The announcement marks McLean-based Freddie Mac’s return to quarterly financial reporting after five years. Freddie Mac had stopped issuing regular reports after it announced in 2003 that it had misstated its financial results for two years by around $5 billion.
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The quarter’s loss compares to net income of $2 billion during the same time period in 2006.
In a statement, CEO Richard Syron attributed the loss to worsening expectations for mortgage credit risk.
Freddie Mac brought in $424 million in revenue for the quarter, compared to revenues of $2.48 billion during the first quarter of 2006.
D.C.-based Fannie Mae, the country’s other leading mortgage lender, is also catching up on its filings after accounting discrepancies totaling $6.3 billion. It announced last week that it will not resume quarterly filing ofits financial reports until February 2008.
