Freddie Mac Needs Another Bailout

Mortgage giant Freddie Mac plans to ask the Treasury Department for an additional $35 billion of taxpayer dollars in order to offset its own operating losses.  Freddie Mac was already given $13.8 billion.

Freddie Mac will pay a 10 percent interest rate on the money it receives, or $3.5 billion per year… which seems impossible considering the company has only once made more than $5 billion per year.

Freddie Mac and competitor Fannie Mae have been overwhelmed with mortgage delinquencies and foreclosures.

Related posts:

1. Freddie Mac Raises Mortgage Fees
2. More Changes Ahead for Freddie Mac and Fannie Mae
3. Fannie and Freddie Planning to Aide Lenders

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