Freddie Mac is seeking an additional $10.6 billion in government funding after reporting an $8 billion loss in the first quarter.

The GSE said Wednesday that recent accounting rule changes that require it to hold securitized loans on its books forced it to add $1.5 trillion of assets and liabilities to its balance sheet. That resulted in a hit to its equity and led to a net worth deficit of $10.5 billion, compared with positive net worth of $4.4 billion at the end of the fourth quarter.

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