Wednesday, August 6, 2008
LOL! Those kerazy Yanks!
Freddie Mac, the U.S. mortgage-finance company hobbled by record foreclosures, will slash its dividend at least 80 percent after posting a quarterly loss that was three times wider than analysts' estimates. ``This correction is more severe than what we've seen in the recent past,'' said Christopher Whalen, co-founder of independent research firm Institutional Risk Analytics in Torrance, California. ``Both Fannie and Freddie are going to be profoundly insolvent by the time we're done with this.''