The Misery Mounts at Freddie Mac

Freddie has lots of cash, but the value of its paper assets, minus its liabilities, looks like a dreadful black hole

How much is mortgage-finance giant Freddie Mac (FRE) worth? Judging by the stock market, $4.2 billion, its market capitalization at the close of trading on Aug. 6. But the company's update on its second-quarter earnings and financial condition, released Aug. 6, seems to tell a grimmer story.

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