Seriously, no taxpayer dollars should be spent on these failed and insolvent companies. They are not government agencies and should be allowed to fail without exception. These bailouts are part of the ballooning federal deficit that we are still growing at an alarming rate.
Freddie Mac is a perpetual money pit. This old post was from 2 years ago, and nothing has changed. They are still losing money and still asking for another bailout after losing billions on billions of dollars. Why support a company that can’t even break even? More importantly, why should we taxpayers be forced to pay for this crap? I guess it is time to vote out more corrupt politicians.
(Reuters) – Mortgage finance giant Freddie Mac FMCC.OB said on Monday it would ask for an additional $1.5 billion from taxpayers due to losses stemming from the weak housing market.
The company reported a comprehensive loss in the second quarter of $1.1 billion. Despite income of $1 billion, the company registered a net worth deficit that it must ask the government to make up, bringing the total it has needed to seek to $66.2 billion.
It said it expects home prices to decline in the near term and its credit losses to remain elevated in the second half of the year.
Labor market weakness and households’ worries about their financial security dampened home sales during the quarter, Freddie Mac chief executive Charles Haldeman said.
“While we expect some improvement in home sales during the second half of the year, our outlook for the single-family housing market remains cautious,” he said.
Anna Kournikova
Hayden Panettiere
Cameron Diaz
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