Freddie Delays 1Q Earnings Report

Freddie Mac has announced that it will delay the release of its first-quarter earnings until previously announced financial restatements are completed so the results can be reported on a consistent basis with the restated periods.The government-sponsored enterprise said the restatement process is on track and is expected to be completed by the end of the second quarter. The restatements will include annual financial results for 2002, 2001, and 2000 and quarterly financial results for 2002 and 2001. Freddie Mac said it will publish other information about the corporation’s first-quarter performance in late April, including business volume and the results for credit and interest-rate risk management. The restatements and related re-audit stem from the GSE's re-evaluation, in conjunction with its new auditor, PricewaterhouseCoopers, of certain accounting policies previously used by Freddie Mac and concurred with by its prior auditor, Freddie Mac said. The GSE can be found online at http://www.freddiemac.com.