Tuesday, August 10, 2010

Freddie Mac suffers six billion dollar quarterly loss

 Just when you thought it couldn't get worse at Freddie Mac here's news about its six billion dollar quarterly loss. As a result, Freddie asked the U.S. Treasury for another 1.8 billion dollars to cover the loss.
"We recognize that high unemployment and other factors still pose very real challenges for the housing market," said Freddie Mac chief executive Charles Haldeman.
So where's the Congressional criticism? How will America's home buyers cope if Freddie is taken out of the picture? Not well, I think. Talk about being too big to fail.
If you have questions about what you see here, contact 
Stephen M. Flatow 
Stephen's Title Agency, LLC 
StephensTitle@comcast.net 973-556-1628 Fax

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