Freddie Mac will issue $6 billion in preferred stock and cut fourth-quarter dividends to shareholders in an effort to maintain mandatory capital surpluses, the mortgage repurchaser said Tuesday. The announcement came one week after the McLean, Va.-based mortgage repurchaser reported a $2 billion third-quarter loss, and said a requirement that it maintain a 30 percent capital surplus forced it to sell $45 billion in loans in September and October. In reporting third-quarter earnings, Freddie Mac estimated its core capital at $34.6 billion as of Sept. 30 -- just $600 million above the 30 percent capital surplus set by OFHEO. Freddie Mac officials said at the time they had hired Goldman Sachs & Co. and Lehman Brothers Inc. to advise them on ways to raise additional capital, including limitin...
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