Mortgage write-downs and rising credit costs could push Freddie Mac's 2009 losses into the range of $20 billion to $40 billion, an analyst said. Paul Miller of Friedman, Billings, Ramsey said such losses would force the Treasury to inject between $30 billion and $50 billion into the mortgage giant. That, in turn, would put plans to spin Freddie off as a publicly traded entity on the back burner until 2010.

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