Mike May, senior vice president of Freddie Mac's multifamily division, expects 2010 to be a tough year for the government-rescued mortgage lender, as well as the broader housing and lending market. "Right now, the delinquencies and default rates are shocking, but they have a long way yet to go. At some point, the product has to come out -- the delinquencies-to-losses is a pretty long trail -- and so you're going to start seeing losses flow next year," he said.

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