Stung by rising loan delinquencies, Freddie Mac has reported an $821 million loss for the second quarter, compared with a $729 million profit for the same period a year ago.

The secondary-market giant also reported that the "fair value" of its assets fell to negative $5.6 billion, compared with negative $5.2 billion in the first quarter. (Fair value measures what holdings are worth at current market values.)

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