NEW YORK (Reuters) - Freddie Mac, the second largest provider of U.S. residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a "prolonged deterioration" in housing.
Increases in the value of securities Freddie Mac held over the period helped buoy its net worth, however, erasing its need to tap government funds for a second straight quarter to stay solvent while continuing to buy and guarantee home loans.
Including a $1.3 billion dividend payment on senior preferred stock bought by the Treasury in previous quarters, Freddie Mac's third-quarter loss increases to $6.3 billion.
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Looks like round 2 of stimulus and bailout coming up,at least the stuff we know about.When the punch drunk taxpayer has finally had enough of copping this crap, and maybe even shrugged of his apathetic surrender to mindless govts, then and only then will the " too big to fail" finally hit the canvas.Most folks who have given this some thought would argue for letting these corporations fail now , and get it over and done with.
ReplyDeleteYep, just keep pumping money into the economy to cover up the symptoms instead of looking for a cure.
ReplyDeleteNo company should ever have been bailed out. That is not the free market we ignorant Americans claim we have but fascism instead.
ReplyDeleteGovernment run corporatism.