Freddie and Fannie need billions more in aid

Both Freddie Mac and Fannie Mae lost billions more last quarter and will need billions more in aid from the federal government. Gee--what a shock.

http://www.google.com/hostednews/ap/article/ALeqM5i61IvzXZ9v93-0lhav_WRztb1aIgD9HG0A0G1

Government-controlled mortgage buyer Freddie Mac is asking for $1.8 billion in additional federal aid after posting a larger loss in the second quarter.

Freddie Mac said Monday it lost $6 billion, or $1.85 per share, in the April-to-June period.

The government rescued McLean, Va.-based Freddie Mac and sibling company Fannie Mae from the brink of failure nearly two years ago. The new request means they have needed $148.2 billion to stay afloat, about $63.1 billion of which is being used by Freddie Mac.

Both Fannie Mae and Freddie Mac have both lost tens of billions of dollars during the past two years and both are asking the government to prop them up. Last week, Fannie Mae requested $1.5 billion after posting a loss of $3.13 billion, or 55 cents per share, in the second quarter.

"We recognize that high unemployment and other factors still pose very real challenges for the housing market," CEO Charles Haldeman said in a statement.

Ya think?

"With that in mind, we continue to focus on the quality of the new business we are adding to our book to be responsible stewards of taxpayer funds."

Ha-ha, that's a good one...