US mortgage financier Freddie Mac on Thursday said Lehman Brothers owed it at least $1.2bn in unsecured loans.
In a regulatory filing, Freddie said it had further potential exposure to Lehman, which filed for bankruptcy Monday, of about $400m related to the servicing of single-family home loans, including repurchasing obligations.
Freddie also said the company “does not know whether and to what extent it will sustain a loss relating to the transactions” and warned that “actual losses could materially exceed current estimates.”
Freddie is still in the process of evaluating its exposure to Lehman and its affiliates under other business relationships.
After months of concern that Freddie and its rival Fannie Mae were buckling under the weight of the collapsing US housing market, the US Treasury in September seized control of the two government-sponsored enterprises, which guarantee three quarters of new US mortgages.
Lehman was a counterparty to Freddie in unsecured lending transactions that matured on September 15th. Freddie said it had not received principal payments of $1.2bn plus accrued interest.
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