The company reported a net loss of $2 billion, or $3.29 a share, compared with a loss of $715 million, or $1.17 a share, in the year-ago period.
WASHINGTON (Reuters) - Freddie Mac <FRE.N>, the second-largest U.S. mortgage finance company, on Wednesday posted a wider third quarter loss, hurt by a weak housing market and increased foreclosures.
The company reported a net loss of $2 billion, or $3.29 a share, compared with a loss of $715 million, or $1.17 a share, in the year-ago period.
Wall Street analysts, on average, had expected Freddie Mac to report a third quarter loss of $2.16 per share.
Slumping home prices and tighter credit conditions have increased losses at mortgage finance companies such Freddie Mac and its bigger rival Fannie Mae <FNM.N>.
!ADVERTISEMENT!Through Monday's close, shares of Freddie Mac are down about 45 percent year to date, in line with the drop in the KBW Mortgage Finance Index <.MFX> over the same period.
(Reporting by Patrick Rucker; Editing by Tom Hals)
