Freddie Mac Seeks $1.8 Billion in Aid After Loss

Freddie Mac, the mortgage company operating under federal conservatorship, is seeking $1.8 billion in aid from the U.S. Treasury Department after a fourth straight quarterly loss.

The McLean, Virginia-based company lost $4.7 billion in the second quarter, compared with a gain of $768 million in the same period last year, it said today in a filing with the Securities and Exchange Commission.

“High unemployment and other factors still pose very real challenges from the housing market and with that in mind we continue to focus on the quality of the new businesses we are adding to our book to be responsible stewards of taxpayer funds,” Chief Executive Officer Charles E. Haldeman Jr. said in a news release.

Read Full Article from Bloomberg

- Posted: 2010-08-09 21:38:51

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