Freddie Mac seeks $6.1B in US aid

May 12, 2009 1:42:29 PM PDT
Mortgage giant Freddie Mac says it needs $6.1 billion in additional government aid as the cost to taxpayers from the housing market bust keeps rising. The McLean, Va.-based company, seized by federal regulators in September, posted a loss of $9.9 billion, or $3.14 per share, for the quarter ending March 31. That compares with a loss of $149 million, or 66 cents a share, in the year-ago period.

The results were driven by $8.8 billion in credit losses due to soaring delinquency rates and falling home prices, and $7.1 billion in writedowns of the value of its mortgage-backed securities.

The request for federal aid is Freddie Mac's third since the takeover, bringing its total up to more than $51 billion.

Morey money-related links:

Follow Action News on Twitter

Get Action News on your website

Follow Action News on Facebook

Click here to get the latest Philadelphia news and headlines from across the Delaware and Lehigh valleys.


Load Comments