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Freddie Mac Reports Loss, Wants Another $6B

From an unfazed Associated Press:

Freddie Mac reports Q3 loss, asks for $6B in aid

Freddie Mac reports $6 billion loss for third quarter; asks for $6 billion in federal aid

Derek Kravitz, AP Economics Writer
November 3, 2011

WASHINGTON (AP) — Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter.

Freddie Mac said Thursday that it lost $6 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010.

This quarter’s $6 billion request from taxpayers is the largest since April 2010

Is this not yet another ‘bailout’? On top of the $170 billion dollars Fannie Mae and Freddie Mac have already been given? Where are the Occupy Wall Street protesters?

Meanwhile, just last week the executives at Freddie Mac and Fannie Mae were given almost $13 million dollars in bonuses for their splendid work.

Which is another detail that seems to have escaped the Occupy Wall Street protesters – as well as much of our watchdog news media. In fact, this minor detail is not mentioned anywhere in this AP article.

The government rescued McLean, Va.-based Freddie Mac and sibling company Fannie Mae in September 2008 after massive losses on risky mortgages threatened to topple them. Since then, a federal regulator has controlled their financial decisions.

Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates it could cost up to $51 billion more to support the companies through 2014 after subtracting dividend payments

And yet nobody is trying to ‘occupy’ the luxurious campuses of Fannie Mae and Freddie Mac.

Why is that?

This article was posted by Steve on Friday, November 4th, 2011. Comments are currently closed.

2 Responses to “Freddie Mac Reports Loss, Wants Another $6B”

  1. Rusty Shackleford says:

    Obviously, the fruit-loop left likes playing with fire.

  2. sheehanjihad says:

    Freddie Mac isn’t a greedy corporation! They are only redistributing that bail out money to those who need it most. Themselves. Freddie and Fannie should be cut off at the knees and forced to declare bankruptcy. The OWS phlegm for brains “protestors” haven’t been ordered to occupy Freddie by Soros or the Unions yet…they are still doing the second act of the socialist and communist play..” Using Useful Idiots For Political Overthrow”.

    They need to be shown the business end of a roofing hammer post haste.

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