May 6th, 2010
08:25 AM ET
11 years ago

Freddie Mac needs another $10.6 billion

New York ( - 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.

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Filed under: Obama administration
soundoff (13 Responses)
  1. demmie

    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.

    May 6, 2010 08:59 am at 8:59 am |
  2. Chessnutz of Liverpool NY

    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!"

    May 6, 2010 09:01 am at 9:01 am |
  3. dan smith

    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.

    May 6, 2010 09:14 am at 9:14 am |
  4. ric

    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.

    May 6, 2010 09:15 am at 9:15 am |
  5. ran

    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.

    May 6, 2010 09:16 am at 9:16 am |
  6. EqualPolitics4Everyone

    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.

    May 6, 2010 09:20 am at 9:20 am |
  7. One and done

    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.

    May 6, 2010 09:23 am at 9:23 am |
  8. phoenix86

    A fine example of a government run business. Fannie caused the housing bubble, now needs taxpayers to keep it afloat.

    Wait until Obamacare.

    May 6, 2010 09:28 am at 9:28 am |
  9. Loser

    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.

    May 6, 2010 09:29 am at 9:29 am |
  10. Steve (the real one)

    When will the madness end? There are times when it is best to cut your losses and walk away. Maybe that time is NOW!

    May 6, 2010 09:32 am at 9:32 am |
  11. wayne

    Have a bake sale.

    May 6, 2010 09:42 am at 9:42 am |
  12. j

    Need to begin winding them down now.

    May 6, 2010 09:47 am at 9:47 am |
  13. craig

    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. . . .

    May 6, 2010 09:48 am at 9:48 am |