May 6th, 2010
08:25 AM ET
11 years ago
Freddie Mac needs another $10.6 billion
New York (CNNMoney.com) - Freddie Mac on Wednesday requested another $10.6 billion handout from the federal government.
The housing finance company, which reported an $8 billion quarterly loss, was put into conservatorship by the government during the height of the financial panic in September 2008 along with its twin Fannie Mae.
Freddie has already received $50.7 billion from the Treasury Department. Fannie Mae has so far gotten $76.2 billion.
Since the housing collapse began in 2008, Freddie and Fannie have been propping up the mortgage market. The Obama administration, which has used the companies to support its foreclosure prevention efforts, is currently examining the future structure of the firms.
From CNN Politics
- First days of Biden's presidency
- Biden targets Trump's legacy with first-day executive actions
- Biden wants to remove this controversial word from US laws January 21, 2021 06:35 pm
- Defense Department slams brakes on border wall as it reviews Biden order January 21, 2021 06:32 pm
- Biden issues slew of pandemic initiatives to improve vaccine distribution, expand testing and reopen schools January 21, 2021 06:28 pm
- As expected, Biden intends to keep FBI director in his post, an official says January 21, 2021 06:24 pm
freddie mac contributed to the collapse of the house market and now they want MORE MORE MORE MORE MORE bailout money? And what are we paying the new CEO? (3.75mill) and how much was his signing bonus? (1.75mill) And how much did we pay for his gov't provided house? (???)
Freddie mac should be let to die.
What a money pit this Government bank has become. Our Government just doesn't know how to stop spending money we do not have.
I say vote them all out! Both Parties, liberals and conservatives, vote them all out this fall......
Tell Congress "You Are Fired!"
Spend spend spend that's the American way. Too bad Dodd won't be around much longer to oversee them some more.thanks a lot dumbocrats.
No..ya dont say? Funny how Barry and the libtards always avoid the fact that Fannie Mae and Freddy Mac were the real reason our economy collpased. Gotta love that liberal ideology that states a bus driver or McDonalds cashier can get a loan with no downpayment for a 500,000 home.
I expect DominicanMama4Obama to be trolling here today as its the day her welfare check arrives.
No way.
Give the money to HUD instead and let them provide loans.
Let Freddie and Fannie go under.
Also let the other financial institutions if they can't make it; go down.
Give me a non-profit Universal bank. Where more money would go to depositors instead of multimillion $ salaries/bonuses to executives, no dividends for investors, they can put their money in BOA,CITI, or any of the other for-profit institutions
We need a bank to be a bank and one that is there for its depositors.
Of course they need another $10.6 billion in handouts from the government. The housing crash was caused by the Clinton administration allowing people who cannot afford mortgages the ability to get them anyway.
Can't you liberals see how you are hurting our country with your handouts? If you continue to give handouts via welfare, low tuition for illegal immigrants, money for people who cannot afford mortgages to receive them, etc, then the government will run dry (as it already has). Our dollar is weakening around the world. It's rather unfortunate how you people continually insist you are doing good, when in REALITY you ARE hurting our country.
Financial responsibility needs to start now! Stop extending welfare programs. Make it harder for people to receive welfare. Get these people to work. Stop handing out money to everyone. People should learn how to live for themselves and contribute taxes.
I think it should be a requirement for all liberals to take economic classes. I don't mean to sound rude, but you are all clueless when it comes to economic values. It's a fact. Look at your history.
Surprise, Surprise. Now if the Democrats, especially Barney Frank had not turned a blind eye to what was going on.........years back this could have and should have been avoided. Democrat created and continued by Democrats. Next time don't try to force home loans for people who cannot afford a home. Home ownership is a privilege that is earned, not handed out like candy on Halloween.
A fine example of a government run business. Fannie caused the housing bubble, now needs taxpayers to keep it afloat.
Wait until Obamacare.
They need to let it sink, enough money has been thrown at this albatross. Dodd and Frank have really shown they have great mangement skills, yea right. Congress keeps talking about wall street and their bad investments and want to take over the finacial market, they can't even run two programs efficiently. If they had not given bad risk loans through freddie and fannie to start with, the housing market would not be in the mess it's in. If they can't pay for it, don't let them buy it.
When will the madness end? There are times when it is best to cut your losses and walk away. Maybe that time is NOW!
Have a bake sale.
Need to begin winding them down now.
House Financial Services Committee hearing, Sept. 10, 2003:
Rep. Barney Frank (D., Mass.): I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. . . .