Freddie Slates Investor Call on Earnings

Freddie Mac is planning to hold an investor conference call on Nov. 1 to lay out a timetable for releasing its 2004 financial results.As a result of its restatement process, Freddie has not released any quarterly financial reports this year -- although the publicly trade company has pledged to deliver both quarterly and full-year 2004 results by March 31. Meanwhile, Freddie Mac released its 2003 annual report on Sept. 24, and it warns investors that 2004 results, as measured by generally accepted accounting principles, will be volatile due to changes in the value of nonhedged derivatives. "We expect this type of volatility to adversely affect our GAAP results in the first half of 2004," the annual report says. Freddie Mac can be found online at http://www.freddiemac.com.