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Freddie Mac wants another $10.6 billion from U.S.
Money-losing government-controlled mortgage giant Freddie Mac needs more bailout money. Fannie Mae, Freddie's big sister, will report its losses tomorrow.
Freddie Mac, the government-controlled mortgage finance company, says it will need another $10.6 billion from the U.S. Treasury after losing $6.7 billion in the first three months of 2010. That's on top of $51 billion taxpayers have already shoveled in to stabilize Freddie so home loan rates don't shoot higher. "Freddie Mac expects to receive these funds by June 30, 2010," the company says in its earnings statement here.
Fannie Mae, Freddie's larger sister, is expected to report its losses tomorrow.