Friday, November 4, 2011

Freddie Mac asks for $6 Billion in additional aid

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.
The full story is HERE.

Sure, This is understandable. After all, giving all those bonuses to their executives cuts into the tax payer money they had already gotten:
12.79 million dollars in bonuses will be doled out to ten executives. This cash cow was approved by the Federal Housing Finance Agency. FHFA is the government agency that regulates Fannie Mae and Freddie Mac.

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larry said...

This is really disgusting.

Ohio JOE said...

With respect we are surprised? Of course they think the tax-payers are a bottomless pit to bail them out all the time.

Revolution 2012 said...

I'm not surprised but I am disgusted.

Anonymous said...

I try not to get involved in the class warfare, but I believe that Fanny and Freddie have never had Obama say anything, or maybe never DO anything, about the bonuses that the execs get who work there. Are the managers still getting bonuses? is my first question.