Freddie Mac Demands $6 Billion More Hours After Announcing Big Bonuses For Bosses

Freddie Mac Demands $6 Billion More Hours After Announcing Big Bonuses For Bosses


“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.’



By Dell Hill

The audacity of it all!

Just hours ago I posted this:

$4.67 Million In Bonuses To Fannie & Freddie CEOs

“Ed Haldeman, who announced last week that he is quitting as Freddie Mac’s CEO, received a base salary of $900,000 last year — and garnered a $2.3 million bonus. Fannie Mae CEO Michael Williams received a $2.37 million bonus.”

...And now I’m posting this!

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 $4.4 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.
           
Freddie's losses are increasing mainly for two reasons: Many homeowners are paying less interest because they are able to refinance at lower mortgage rates. And failing and bankrupt mortgage insurers are not paying out as much money when homeowners default.

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.

Unfortunately, there’s more....Read it by clicking here.

Un-freakin-believable!