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Freddie Mac seeks $10.6 billion in aid
Freddie Mac is seeking $10.6 billion from the government after posting a big quarterly loss.
The government-backed mortgage giant reported an $8 billion loss in the first three months of the year, and has already received more than $50 billion in aid from the Treasury Department.
Fearing that losses would harm Freddie Mac’s ability to support housing, the government put the company in conservatorship in September 2008 and late last year pledged unlimited financial backing.
Freddie Mac Chief Executive Charles Haldeman said the company is focused on strengthening itself and noted that there were some signs of stabilization in the housing market, including home prices and sales in some regions of the U.S. But he cautioned that the housing market remains fragile with “historically high delinquency and foreclosure levels, and high unemployment among the key risks,” and that Freddie would therefore need more government assistance.
The news comes as the government is considering what to do with Freddie and its twin Fannie Mae.
You can follow our coverage on housing here.
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