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Economy
Freddie Mac requests additional $1.8 billion in aid from federal government
2010-08-10
Government-controlled mortgage giant Freddie Mac is requesting $1.8 billion more in federal help after a larger second-quarter loss. Freddie Mac lost $6 billion, or $1.85 per share, from April through June, the firm announced Monday. Those losses include $1.3 billion the company is required to pay the Treasury Department, representing a 10 percent annual dividend.

"We recognize that high unemployment and other factors still pose very real challenges for the housing market," Freddie chief executive 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."
Then his lips fell off..
During the same period last year, the company lost $840 million.
Posted by:Fred

#8  FOXNEWS AM repors that the 2010 US CENSUS saved US$1.6BILYUHN by being UNDER-BUDGET > I'm guessin' the remaining US$0.20Bilyuhn stems from the newly announced disestablishment of US JFORCOM + other minor USGovt cuts.

FYI FOX showed footage of Amers jumping for joy at the Census savings news - I'm also guessing they didn't hear/learn about FREDDIE MAC, etc. yet.

PREMATURE JOY?
Posted by: JosephMendiola   2010-08-10 20:52  

#7  The pic represents my thoughts perfectly.
Posted by: JohnQC   2010-08-10 18:27  

#6  Yes and Yes.
Posted by: CrazyFool   2010-08-10 16:06  

#5  Question: Are they stupid or are they doing it to us on purpose?
Posted by: Ebbang Uluque6305   2010-08-10 15:47  

#4  Opinion from Mish's blog:
Problems Many, Solutions Nonexistent

Tide of Debt: Consumers are swimming against a tide of debt with no way to pay it back.
Demographics: Boomers are heading into retirement scared half to death because they did not save enough.
Jobs: There is no source of jobs
Wages: Global wage arbitrage
Attitude Changes: a secular shift in the attitudes of consumers towards housing and risk taking is underway.
The Fed is powerless to change attitudes.
Political leaders could do something to change attitudes for the better, but the current crop is interested in other things.
Posted by: Anguper Hupomosing9418   2010-08-10 12:24  

#3  Without Freddie Mac, how can the gov't keep the cost of housing inflated?
Posted by: Anguper Hupomosing9418   2010-08-10 11:32  

#2  This is the piece of crap that put our economy in a tailspin.

It should be the first GSE to be eliminated.
Posted by: newc   2010-08-10 10:02  

#1  But, but, but Feddied Mac IS the government!!!
Posted by: Besoeker   2010-08-10 05:03  

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