Freddie Mac Needs Another Bailout: Isn’t Congress Awesome?

The business geniuses in Congress deliver value to shareholders:

Freddie Mac is asking for $10.6 billion in additional federal aid after posting a big loss in the first three months of the year. It’s another sign that the taxpayer bill for stabilizing the housing market will keep mounting.

The McLean, Va.-based mortgage finance company has been effectively owned by the government after nearly collapsing in September 2008. The new request will bring the total tab for rescuing Freddie Mac to $61.3 billion.

Freddie Mac says it lost $8 billion, or $2.45 a share, in the January-March period. That takes into account $1.3 billion in dividends paid to the Treasury Department. It compares with a loss of $10.4 billion or $3.18 a share, in the year-ago period.

Wow, they’re just hitting home runs. Between GM and Freddie Mac, the American people should be full of confidence about the government owning health care, too.

Leave a Comment

Share this!

Enjoy reading? Share it with your friends!

Send this to a friend