Freddie Mac needs another $10.6 billion
Freddie Mac on Wednesday requested another $10.6 billion handout from the federal government.
The housing finance company, which reported an $6.7 billion quarterly loss, was put into conservatorship by the government during the height of the financial panic in September 2008.
Fannie asks for another $8.4 billion
Fannie Mae requested another $8.4 billion from the federal government on Monday, saying that it expects its losses to continue because of trends in the housing and financial markets.
The government-controlled mortgage giant said it lost $11.5 billion in the first quarter of 2010, its 12th consecutive quarterly loss. In addition, Fannie paid out $1.5 billion dividend to the Treasury, which received stock after the government took it over in September 2008.
Thankfully, these government-backed mortgage giants (that helped fuel the 2008 financial meltdown) will finally face the music when the Democrats’ Wall Street reform bill passes. Wait, what’s that? They won’t?
Never fear, America! Sen. Mark Warner (D-VA) assures us that Democrats will tackle Fannie/Freddie reform…next year.