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by CareyBot

Mortgage repurchaser Freddie Mac reported a net loss of $480 million in the fourth quarter as it upped provisions for losses and saw the value of its investments decline because of a drop in long-term interest rates. In their annual report to investors, Freddie execs emphasized that they are not heavily invested in subprime loans. The abrupt turnaround from a $684 million profit earned during fourth-quarter 2005 was an anticipated consequence of falling interest rates, not the quality of its loans. For the year, Freddie reported profits of $2.2 billion, or $2.84 per share, up from $2.1 billion and $2.75 per share in 2005. Total revenue declined from $5.6 billion in 2005 to $5.2 billion, however, and the increase in profits was largely due to a favorable tax ruling. The governmen...