Freddie Mac reports $6.7 billion first-quarter loss, asks for $10.6 billion

Freddie Mac said it lost $6.7 billion in the first quarter, an improvement from a $9.9 billion loss in the same quarter last year. The company said it needs an infusion of $10.6 billion from the U.S., made necessary by a change in accounting rules. The rules require entities such as Freddie to bring mortgages they guarantee onto their books, even if they do not own the mortgages. On paper, the change slashed Freddie's equity by $11.7 billion.

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