by Calculated Risk on 8/06/2008 09:24:00 AM

From MarketWatch: Freddie Mac loses $821 million on housing, credit markets

Freddie Mac, the second-biggest U.S. buyer of mortgages, reported Wednesday a second-quarter loss of $821 million ... [Freddie] is planning to slash its dividend to five cents a share or less for the third quarter, down from a previous payout of 25 cents a share.
...
Freddie said provisions for credit losses in the June quarter were $2.5 billion, wider than the $1.2 billion for the first three months of 2008, reflecting increases in delinquency rates, foreclosures and the estimated severity of losses driven by the continued fall in home prices.

Here is the Bloomberg story: Freddie Mac Posts Fourth Straight Loss, Cuts Dividend

And from the WSJ: Freddie Swings to Loss