Freddie Mac Posts a $1.7B loss for Q4 - Home values to erode further
The mortgage giant Freddie Mac has posted another losing quarter. However it's a more narrow loss considering the companies staggering loss of $19.8 billion for all of 2010. When will this end? Freddie Mac has asked for an additional $500 million in federal aid which is up from the $100 million it asked for in the previous quarter. It's estimated that between Freddie Mac and it's sibling company Fannie Mae, the housing bailout will costs tax payers as much as $259 billion. The company suggests that the housing market is still fragile due to high unemployment, delinquencies and foreclosures and that 2011 will be a year of further decline in home values. For more on the article see the link below.
http://hosted.ap.org/dynamic/stories/U/US_EARNS_FREDDIE_MAC?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-02-24-16-27-33