Posted AT 9:58 AM EST on 30/08/07
Freddie Mac profit drops 45% due to bad loan provision
WASHINGTON — — Freddie Mac, the second-largest buyer and guarantor of home mortgages in the U.S., said Thursday its second-quarter profit fell 45 per cent as it had to record larger provisions on its books for bad loans.
The government-sponsored company, which is returning to normalcy after an accounting scandal four years ago, said it earned $764-million (U.S.), or $1.
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