WASHINGTON – US mortgage finance giant Freddie Mac said Friday it lost $6.3 billion for shareholders in the third quarter but would not seek any additional bailout funds from the government.WASHINGTON – US mortgage finance giant Freddie Mac said Friday it lost $6.3 billion for shareholders in the third quarter but would not seek any additional bailout funds from the government.
The firm, which was seized by the government and placed into conservatorship along with rival Fannie Mae, said it had a net loss of $5.0 billion and paid a dividend to the US Treasury of $1.3 billion in the quarter.
The shareholder-owned, government chartered firm said, however, it would not seek further Treasury aid, unlike its cousin Fannie Mae.
Freddie Mac said it had a positive net worth as of September 30 of $10.4 billion, reflecting “improved values on the company’s available-for-sale securities.”
“As a result of the positive net worth, no additional funding from the US Department of the Treasury was required,” it said.
“During this critical time for homeowners and the market, we continued to support the recovery of the housing market by providing a stable source of mortgage funding and helping people keep their homes,” said Freddie Mac chief executive Charles Haldeman.
“In the third quarter, we helped more than 100,000 borrowers avoid foreclosure… We expect this to continue.”
Earlier this week, Fannie Mae reported a net loss of 18.9 billion dollars in the third quarter, and said it needed an additional $15 billion in taxpayer funds.
Fannie and Freddie have already received hundreds of billions of dollars as part of a government takeover aimed at avoiding their collapse in the wake of the subprime mortgage crisis.
The two firms, which underpin trillions of dollars in home loans, were at the epicenter of the financial crisis as the US housing bubble collapsed.
Fannie Mae was originally a government agency created during the Great Depression to help provide liquidity for housing. It was privatized in 1968 and Freddie Mac was chartered by Congress in 1970 to provide competition.
But many officials and analysts argue there was a contradiction in the mission of the two, which tried to maximize results for shareholders at the same time seeking to lower the cost of mortgage credit. –Agence France-Presse
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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