Freddie Mac Losses = $50 Billion

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 . . .

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Source:
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
http://www.washingtonpost.com/wp-dyn/content/article/2009/03/11/AR2009031101068.html

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