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Monday, November 09, 2009

$5 Billion Freddie Mac Loss

Freddie Mac Daddy posted a $5 Billion dollar loss. al Reuters:

    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.

"Freddie Mac's survival will continue to depend on support from the government..." Shaaa! Really?!? No! This must be a very late April Fool's Day joke.

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?


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Shoveling more and more money into a bottomless pit. Another entitlement program that will financially kill us and the next generation or three. Borrowing, spending and putting two or three generations ahead of us into the deepest darkest debt.
It would seem failure follows the Fraudulent One wherever he goes.
EC, The liberal answer to everything, keep throwing money at it and if it doesn't get fixed it means to throw more money at it. Repeat cycles when project or program continues to fail. Yep. The next two or three generations will really appreciate Barry's spending.

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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