Freddie Mac reports $821 million loss
- August 6, 2008
McLean mortgage company Freddie Mac reported a $821 million loss for the second quarter, mostly because of foreclosures and defaults on loans.
The news comes days after the White House signed legislation that would extend a lifeline to Freddie Mac and Washington, D.C.-based Fannie Mae if the companies were ever on the verge of collapse. Together the companies own or back more than half of the mortgages in the U.S. (The Washington Post). See a Post interview with Freddie Mac CEO Richmond Syron here.
The building frenzy in Loudoun County has dropped under the strains of a weak economy. (The Washington Post.)
Adenosine Therapeutics, a Charlottesville drug developer created from research done at the University of Virginia, was bought by a global biotechnology company, Clinical Data, for $66 million. Adenosine Therapeutics researches the use of adenosine to treat a variety of sicknesses, including diabetes, sepsis, asthma, Parkinson’s disease, sickle cell anemia and other illnesses. (Daily Progress).
Elizabeth “Betsy” Duke of Hampton Roads joined the Federal Reserve Board of Governors on Tuesday. Previously, Duke was the chief operating officer of Portsmouth-based TowneBank. (The Virginian-Pilot)
Richmond tobacco company Universal Corp. reported a $21.1 million net income for the first quarter, up from $18.7 million during the same period last year. Revenues were up 12 percent to $506 million, mostly because of higher tobacco prices and the weak dollar.
Revenue for Richmond-based Tredegar Corp. during the second quarter was $135.5 million, up from $130.2 million during the same time the year before.