Freddie Mac reports Q3 loss, asks for $6 billion in aid

[The Northerner]

WASHINGTON (AP) — Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter.

Freddie Mac said on Thursday that it lost $6 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010.

This quarter's $6 billion request from taxpayers is the largest since April 2010.

Freddie's losses are increasing mainly for two reasons: Many homeowners are paying less interest because they are able to refinance at lower mortgage rates. And failing and bankrupt mortgage insurers are not paying out as much money when homeowners default.

Read more: http://news.yahoo.com/freddie-mac-reports-q3-loss-asks-6b-aid-124449542.html

[Myrina]

1. Well, I posted about a $7k loss for the quarter, can I have a bailout too?

:( Unexpected expenses (both thanks to the gov'ts refusal to take Climate Change seriously ...)- replacing a furnace and having some downed trees removed.