(Bloomberg) — Freddie Mac’s first-quarter net income plunged 88% to $173 million due to higher expected credit losses on loans amid the coronavirus pandemic.The mortgage giant booked $1.1 billion of credit-related expenses in the quarter ended March 31, according to a statement released Thursday. Freddie said the earnings decline was also driven by losses on single-family home loans, which took a major hit from the virus.The results are a stark turnaround from the first quarter of 2019, when McLean, Virgina based-Freddie reported net income of $1.41 billion.Other highlights in the company’s first-quarter results:Freddie, which took a $1.2 billion provision for …read more
Source:: Yahoo Finance
