WASHINGTON (AP) -- The chief executive of Freddie Mac estimates the mortgage finance company will lose up to 7.5 billion dollars in additional funds over the next few years as the housing crisis worsens and home-loan defaults rise.
The government-sponsored company has already logged about 4.5 billion dollars in projected losses during the first nine months of this year.
The comments from chairman and CEO Richard Syron came during a discussion with financial analysts in New York.
Syron's remarks came a day after Freddie Mac and its larger government-sponsored rival Fannie Mae said they are changing their criteria for purchasing delinquent home loans they've guaranteed, in order to reduce the number they buy from investors.
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