Freddie seeks new bailout
May 6, 2010
WASHINGTON - TROUBLED US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional US$10.6 billion (S$14.7 billion) from the Treasury Department to cover losses.
Announcing a US$6.7 billion loss in the first quarter, Freddie Mac said it would need the new funding by June 30 this year.
The Washington-based company has already received more than US$50 billion in taxpayers cash to cover losses from toxic assets.
It also warned that further demands would be on the way.
'Freddie Mac expects to request additional draws,' it said in a statement.
'The size and timing of such draws will be determined by a variety of factors that could adversely affect the company's net worth.' -- AFP
May 6, 2010
WASHINGTON - TROUBLED US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional US$10.6 billion (S$14.7 billion) from the Treasury Department to cover losses.
Announcing a US$6.7 billion loss in the first quarter, Freddie Mac said it would need the new funding by June 30 this year.
The Washington-based company has already received more than US$50 billion in taxpayers cash to cover losses from toxic assets.
It also warned that further demands would be on the way.
'Freddie Mac expects to request additional draws,' it said in a statement.
'The size and timing of such draws will be determined by a variety of factors that could adversely affect the company's net worth.' -- AFP
