Zacks Equity Research predicts that when Freddie Mac releases full-year results shortly the GSE will have lost $39.50 a share.

Meanwhile, the Chicago based research firm — which has a "sell" rating on the government controlled GSE — says the company will lose $13.12 a share in 2009, and $9.81 next year. In trading Tuesday, Freddie's shares were selling for 39 cents each.

"Though recently the government laid out an expanded role for the GSEs in the housing market as part of its Homeowner Affordability and Stability Plan, we anticipate the price volatility to continue as the market looks for further information on the future structure of the GSEs and their role," Zacks said in a new research note. "Further, as the housing situation continues to worsen, we anticipate higher losses and write-offs. As a result, the conservatorship is expected to continue for a long time and this will yield no value to the common shareholders of the company."

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