Freddie Mac posts drop in 2003 income

[dArKeR]

Mortgage finance company Freddie Mac reported Wednesday that a drop in total non-interest income drove down 2003 earnings by 52 percent.

For 2003, Freddie Mac earned $4.9 billion, or $6.79 per share, a 52 percent decrease from the $10.1 billion, or $14.18 per share, reported for 2002.

The company said non-interest income results continue to be affected by changes in unrealized gains and losses, and changes in the level and volatility of interest rates have resulted in significant period-to-period earnings volatility.

Freddie Mac's non-interest losses in 2003 totaled $1.9 billion, compared with income of $5.6 billion in 2002 due to a significantly smaller mark-to-fair value gain on derivative instruments in 2003, losses on investment activity compared with gains of $1.8 billion in 2002, and a large increase in losses on debt retirements.

http://msnbc.msn.com/id/5332339/

I never took took the time to figure out what's going on in this business but should they have record profit since their business is at an all time high and they are a monopoly?

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