Freddie Mac seeks $6.1 bn US aid after Q1 loss
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.
By Agencies |
WASHINGTON: 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, Virginia-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.
The McLean, Virginia-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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