Freddie Mac Announces $1.45 Billion in First Quarter Credit Expenses

McLean, Va.–Freddie Mac said Wednesday that foreclosures and declining home prices cost it $1.45 billion in credit-related expenses in the first quarter, the Washington Post reports.The expenses were 58.8 percent higher than the previous quarter and were a 452.7 percent increase from the first quarter of 2007.The McLean-based agency said it lost $151 million in the three months ended March 31. By selling more common and preferred stock, Freddie Mac plans to raise $5.5 billion in capital to help meet the troubled housing market’s needs, Chief Financial Officer Anthony S. “Buddy” Piszel said in a news release.