Monday, November 09, 2009
$5 Billion Freddie Mac Loss
Freddie Mac, the second largest provider of U.S. residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a "prolonged deterioration" in housing.
Increases in the value of securities Freddie Mac held over the period helped buoy its net worth, however, erasing its need to tap government funds for a second straight quarter to stay solvent while continuing to buy and guarantee home loans.
Results at Freddie Mac and Fannie Mae are widely watched as a barometer of the U.S. housing market since they own or back nearly half of outstanding mortgages.
Freddie Mac's survival will continue to depend on support from the government, which forced the company and Fannie Mae into conservatorship in September 2008.
The economy, housing, government spending and ever-increasing growth...it keeps getting better and better with Dear Leader His Excellency Barack Hussein Obama, Junior, his Marxist-laden Congress and his Blind, Obedient, Dutiful, Kool-Aid injecting Cultists, doesn't it?
He leaves a wake of destruction in his path, doesn't he? This is what he wants, remember this. This is all deliberate on his part. He's doing the bidding of his handlers like Soros.
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