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.

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