This is truly an astonishing number:
Freddie Mac reported yesterday that it lost $50.1 billion last year, almost half of it in the final three months of 2008, and would need an additional $30.8 billion in taxpayer assistance to stay solvent . . .
The federal government, which seized Freddie Mac and its counterpart, Fannie Mae, last fall, has agreed to cover $200 billion in losses at each firm. Freddie Mac has already received $13.8 billion. Fannie Mae has asked for nearly $15 billion.”
That is some serious wood . . .
Freddie’s 2008 Loss Exceeds $50 Billion
Mortgage Giant Seeks More Taxpayer Money, Names Interim Chief
Zachary A. Goldfarb
Washington Post, March 12, 2009; Page D01