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Freddie Mac says it may need money if job losses get worse
Australian News.Net
Sunday 8th November, 2009
Government-controlled mortgage finance company Freddie Mac has said it doesn’t want more federal cash even with third quarter losses at $6.3 billion.
The company has received about $51 billion since being acquired by federal regulators in September 2008.
The company's chief executive, Charles Haldeman, has told regulators Freddie Mac has continued to see positive housing market developments, including higher volumes of home sales and increases in some house prices.
He said while company may need more money from the Treasury Department in the future to stay afloat, the company would continue to build its reserves for bad mortgages.
He said the likelihood of needing more money would come about if job losses get worse, with about 3.3 percent of Freddie Mac's borrowers already three payments behind on their mortgages.  Email this story to a friend
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