The Fortune 500's biggest losers

The government-sponsored mortgage buyer was smack in the middle of the housing-market collapse. It took a $4.3 billion loss on its portfolio of subprime home loans as decreasing interest rates and increases in late payments tanked their value. It also lost a combined $3.9 billion on derivatives and credit guarantee assets.

But Freddie optimists say that while the losses look bad, they're mostly on paper--and could reverse when the housing market picks up and the value of mortgage-backed securities head higher.

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