Freddie Restatement Coming by Friday?

Freddie Mac is expected to release its long-anticipated earnings restatement later this week, sources familiar with the matter have told MortgageWire.The congressionally chartered mortgage giant has yet to release any earnings for all of 2003. When the restatement appears it will encompass (at least) 2000, 2001, and 2002. The restatement is expected to range between $4.5 billion and $5.0 billion -- upward. It also will result in a drop -- perhaps dramatic -- in the firm's stock price-to-earnings ratio. Freddie's earnings statement scandal resulted in the removal of the company's three top officers in June. Since that time, an additional 10 or so have been forced out. Freddie Mac can be found online at http://www.freddiemac.com.