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Freddie Mac Seeks $1.5 Billion From Taxpayers

Monday, August 8, 2011 - 6:05 PM;_ylt=AoOp0gLftT49Zcb.G9rXpo.s0NUE;_ylu=X3oDMTNhNzF2ZnQzBHBrZwM2YWYzYjlhNi0wNTJlLTMzN2QtYTU4OC0wNGFhMzhjMmYxZDgEcG9zAzIEc2VjA2xuX1JldXRlcnNfZ2FsBHZlcgNhYmY3OTAxMC1jMjA4LTExZTAtYTZlZi1jOWU3NWUwMDBhM2I-;_ylv=3
WASHINGTON (Reuters) - Mortgage finance giant Freddie Mac FMCC.OB said on Monday it would ask for an additional $1.5 billion from taxpayers due to losses stemming from the weak housing market.

The company reported a comprehensive loss in the second quarter of $1.1 billion. Despite income of $1 billion, the company registered a net worth deficit that it must ask the government to make up, bringing the total it has needed to seek to $66.2 billion.

It said it expects home prices to decline in the near term and its credit losses to remain elevated in the second half of the year.

MikeMike327 posts since
Feb 22, 2010
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