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Freddie Mac Seeks $1.5 Billion From Taxpayers

Monday, August 8, 2011 - 6:05 PM
http://news.yahoo.com/freddie-mac-seeks-1-5-billion-taxpayers-214905193.html;_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.

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MikeMike327 posts since
Feb 22, 2010
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