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Freddie Mac's Net Income Increases 25%

January 28, 2003|From Bloomberg News

Freddie Mac, the second-largest buyer of U.S. home loans, said fourth-quarter profit rose 25% because it increased mortgage investments and benefited from low borrowing costs.

Profit at the government-sponsored enterprise increased to $1.7 billion, or $2.38 a share, from $1.36 billion, or $1.87, a year earlier.

The results will be revised next quarter along with profit from as early as 2000 after a review of accounting policies used by management and former auditor Arthur Andersen, the company said.

Company shares fell $2.51 to $56.60 on the NYSE, the lowest since Oct. 10.

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