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Freddie Mac adjusts 2003 earnings, cautions on 2004 (FRE) By Greg Morcroft
NEW YORK (CBS.MW) -- U.S. mortgage agency Freddie Mac (FRE) said Friday that it adjusted its previously reported 2003 earnings downward by $75 million to reflect a reserve for legal proceedings arising from a previous restatement. The company also cautioned on 2004 results,
saying volatility caused by accounting for derivatives will, "adversely affect our GAAP results in the first half of 2004." Freddie Mac shares fell 3 percent on Thursday to $64.38