NEW YORK (Dow Jones)--Freddie Mac (FMCC), the government-controlled mortgage financier, posted a profit of $577 million in the first quarter and will request another helping of government aid to help sustain its operations.
The company's profit was down from a profit of $676 million a year earlier, it said Thursday. The decline was driven in part by larger derivative losses, which totaled $1.06 billion, up from $427 million a year earlier and $766 million in the previous quarter.
However, its provision for credit losses fell to $1.83 billion, down from $1.99 billion a year ...
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