Thursday, May 6, 2010
Freddie Mac Asks For Fresh 10.6 Billion Dollar Bailout
WASHINGTON (AFP) - – Troubled US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional 10.6 billion dollars from the Treasury Department to cover losses.
WASHINGTON (AFP) - – Troubled US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional 10.6 billion dollars from the Treasury Department to cover losses.
Announcing a 6.7 billion dollar loss in the first quarter, Freddie Mac said it would need the new funding by June 30 this year.
The Washington-area company has already received more than 50 billion dollars in taxpayers cash to cover losses from toxic assets.
It warned that further demands would be on the way: "Freddie Mac expects to request additional draws," the firm said in a statement...
Labels: bailout, Freddie Mac, U.S. Treasury Department
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