Foxnews.com
Freddie Mac To Ask Treasury For Billions In Additional Funds
Sue Chang
MarketWatch Pulse
SAN FRANCISCO -- The Federal Housing Finance Agency, Freddie Mac's conservator, will ask the Treasury Department for additional funds of up to $35 billion from the Senior Preferred Stock Purchase Agreement, the mortgage giant said in a regulatory filing Friday. Based on a preliminary evaluation of its fourth-quarter operations, Freddie Mac's management believes that it will need $30 billion to $35 billion to offset the impact of operating losses as well as other items that could affect the company's net worth. Freddie Mac has already drawn $13.8 billion under the $100 billion agreement.
My Personal Commentary:
This seems to be yet another venue for socialization of the Banking Industry on our children's backs. It is as if no one cares just so a few make millions of the taxpayers.
Go Placidly,
Dan Miller
Saturday, January 24, 2009
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment