Posted on 08/09/2010 5:34:50 PM PDT by La Lydia
Government-controlled mortgage buyer Freddie Mac is asking for $1.8 billion in additional federal aid after posting a larger loss in the second quarter. Freddie Mac said Monday it lost $6 billion, or $1.85 per share, in the April-to-June period. The company is required to pay a 10 percent annual dividend to the Treasury Department on money it has received from the government. That made up $1.3 billion of the company's second-quarter losses. The company lost $840 million, or 26 cents a share, in the same quarter last year.
The government rescued McLean, Va.-based Freddie Mac and sibling company Fannie Mae from the brink of failure nearly two years ago. The new request means they have needed $148.2 billion to stay afloat, about $63.1 billion of which is being used by Freddie Mac.
Freddie Mac is losing money from bad loans it backed, many of them before the housing market went bust. It had $118 billion in bad loans at the end of June, up from $103.4 billion at the end of last year. It owned more than 62,000 foreclosed properties in June, up from about 35,000 a year earlier.
Both Fannie Mae and Freddie Mac have both lost tens of billions of dollars during the past two years and both are asking the government to prop them up. Last week, Fannie Mae requested $1.5 billion after posting a loss of $3.13 billion, or 55 cents per share, in the second quarter.
Still, the two companies are taking different approaches to their situations. Fannie Mae sounded optimistic about its future. Freddie Mac offered a more tempered view.
"We recognize that high unemployment and other factors still pose very real challenges for the housing market," CEO Charles Haldeman said in a statement. "With that in mind, we continue to focus on the quality of the new business we are adding to our book to be responsible stewards of taxpayer funds."...
Let me get my checkbook.
Gee, I can’t find it now. But recently I read an article that described the Fed slowly using the GSEs (Fannie/Freddie) to dump the toxic assets on their balance sheets.
Anyone?
Isn’t it amazing how Fannie and Freddie were exempted from the commie’s new financial reform act?
It’s getting too late folks. WAKE UP!!!!!!!!!!!!!!!!!!!!!!!!!
FANNIE/FREDDIE,(your tax dollars) will PAY him $1500 BUCKS,, to leave, even though he has not paid a house note in damn near a YEAR,,to "leave the keys" and move out, all this BEFORE they will consider our offer of 40% less than he paid for it!!!AND IT HAS NOT BEEN FORECLOSED ON YET!!!!!
keep your bible close and your rifle closer,,, we are lost!!
Ha, Ha, Ha, Ha, Ha, Ha, Ha, Ha! (BS^2)
No more of my money should go to folks who bought houses they can’t pay for.
Or banks that made bad loans to folk who won’t or can’t play em back.
“No more of my money...”
That’s your first mistake. You think it’s your money. The ‘progressives’ think differently.
Government wants $1.8 billion in additional federal bail out from the stupid tax payers...
Gezzz...
And that there is the utility and necessity of the right of secession. When the ruling factions be they the majority or merely an elite minority thinks they have unlimited right to our money and resources we must remind them that they are allowed to rule us only under a finite set of conditions.
If they cannot live within the confines of them conditions then we will seek to make it imposable for them to rule us.
The point of our union is not to service them but us.
When the ruling factions be they the majority or merely an elite minority thinks they have unlimited right to our money and resources we must remind them that they are allowed to rule us only under a finite set of conditions.
If they cannot live within the confines of them conditions then we will seek to make it imposable for them to rule us.
Well said, my friend, well said.
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