Freddie Quarterly 'Update' Coming

Freddie Mac, which is still toiling with the remnants of a $5 billion accounting scandal, will release full-year 2005 earnings in May.On March 30 the company will provide a quarterly market update on its business, but will not release earnings estimates, according to a spokesman for the government-sponsored enterprise. In August the congressionally chartered mortgage giant released first-half 2005 earnings, but then restated those numbers a few months later. Its chief competitor, Fannie Mae, last reported earnings for the second quarter of 2004. Fannie Mae is expected to revise past earnings downward by about $11 billion. Freddie has restated upward by $5 billion.