Freddie Mac will resume making regular quarterly reports this Thursday, June 14. The mortgage giant has only stated annual results since 2002, when it was involved in an accounting scandal. In 2003, the company said it had overestimated earnings for 2000 through 2002 by approx. $5 billion.
Analysts expect Freddie Mac to report first-quarter earnings of a little more than $1 a share, down from $2.80 a year ago. The financial results will be released before the opening bell on Thursday, and a conference call will be held at 10:00 a.m. The call will be webcast live on the company’s website, http://www.freddiemac.com.
In April, Freddie Mac announced it will purchase $20 billion in subprime loans and is currently developing new mortgage products designed for subprime borrowers. Legislation for stricter oversight of the two government-sponsored mortgage giants, Fannie Mae and Freddie Mac, is currently being developed.
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