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Corrupt Government Title: Freddie Mac reports Q3 loss, asks for $6B in aid WASHINGTON (AP) — Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter. Freddie Mac said Thursday that it lost $6 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010. The government rescued McLean, Va.-based Freddie Mac and sibling company Fannie Mae in September 2008 after massive losses on risky mortgages threatened to topple them. Since then, a federal regulator has controlled their financial decisions. Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates it will cost at least $51 billion more to support the companies through 2014, and as much as $142 billion in the most extreme case. Freddie and Washington-based Fannie own or guarantee about half of all U.S. mortgages, or nearly 31 million home loans worth more than $5 trillion. Along with other federal agencies, they backed nearly 90 percent of new mortgages over the past year. The two mortgage giants buy home loans from banks and other lenders, package them into bonds with a guarantee against default, and then sell them to investors around the world. When property values drop, homeowners default — either because they are unable to afford the payments or because they owe more than the property is worth. Because of the guarantees, Fannie and Freddie must pay for the losses. Fewer foreclosures and delays in foreclosure processing because of a yearlong government investigation into mortgage lending practices have reduced the companies' projected losses. Fannie and Freddie are required to pay 10 percent dividends on the government money they receive. Freddie paid $1.6 billion in dividends to the Treasury Department in the July-September quarter. Pressure continues on the government to eliminate Fannie and Freddie and reduce taxpayers' exposure to risk. The Treasury Department put forward a plan in February to slowly dissolve Fannie and Freddie, although that process could take years. Abolishing Fannie and Freddie would transform how homes are bought and redefine who can afford them. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. Bzzzt...AIG topped that. I'll believe that a corporation is a person 1 second after Texas executes one... #2. To: Happy Quanzaa (#0) I don't understand how any organization, be it Freddy/Fannie or General Motors' can losing hundreds of millions of dollars in a calendar year, and then REWARD the Executives with millions in bonus's. And then have the nerve to demand a bailout via taxpayer money. Proxy IP's are amusing.....lmao #3. To: Badeye (#2) I don't understand how any organization, be it Freddy/Fannie or General Motors' can losing hundreds of millions of dollars in a calendar year, and then REWARD the Executives with millions in bonus's. The second time in one day I'm agreeing with you. TEOTWAWKI 8D Only a Limitless Exploding Balance Sheet of a Semi Private Org backed by the full faith and resources of the World Empire's Treasury can pull that off. You can tell when the Federal Reserve is in the Market. Oil jumps by $4 the BBL.
#4. To: war, Happy Quanzaa, Badeye, All (#1) Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. But from a two pp readout of google summaries, Fannie and Freddie are considered bigger because....wait for it.... AIG is paying their bailout back....BUWAHAHAHAHAHAHAHAHA inhale BUWAHAHAHAHAHA This entire ponzi's a gawddamn joke.
#5. To: All (#4) And how you know great truths and inventions. They happen everywhere around the globe at the same time.... ZH just now: "Of the three great financial truths that have been left unspoken for the past four years out of sheer dread, lest their mere mention collapse our economy, let's start with the most obvious: if the Federal Reserve and Federal government ever crimped the dripline of "easing" and bailouts, America's financial sector would promptly roll over and expire. Does this strike you as a robust, flexible, transparent system? Of course not. Rather, it is a "hothouse" financial sector, one that needs constant injections and a carefully controlled environment just to keep it alive."
#6. To: All (#5) I wonder how close Corzine was to replacing Geithner.
#7. To: All (#6) Jefferies Group, Inc. (NYSE: JEF) is the global investment banking firm focused on serving clients for nearly 50 years. The firm is a leader in providing insight, expertise and execution to investors, companies and governments, and provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income and commodities, in the U.S., Europe and Asia. Contact: Jefferies Group, Inc. Peregrine C. Broadbent, 212-284-2338 Chief Financial Officer
Wonder if commingling funds is a Don Corzine Specific Option.....8D
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