Freddie Mac Loses $4.1B, Asks for a Bailout
Freddie Mac Loses $4.1B, Asks for a Bailout
Freddie Mac Loses $4.1B, Asks for a Bailout
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November 6 2010 (Chris Moore)
Freddie mac picture
Freddie Mac reported this week that it sustained a net loss of $4.1 billion for the third quarter of 2010 has asked the Treasury Department for a draw of $100 million under the Senior Preferred Stock Purchase Agreement.

The mortgage giant blamed the loss on a sagging U.S. housing market and said that it will be a “considerable time” before the housing market recovers.

CEO Charles Haldeman said, “As we near the end of 2010, the housing market remains fragile, and has recently come under renewed pressure from slowing economic growth, weaker employment and foreclosure uncertainties.”

The company had a net worth deficit of $58 million at Sept. 30, 2010, compared to a net worth deficit of $1.7 billion at June 30, 2010, the end of Q2. The deficit in net worth for the third quarter resulted from several contributing factors, including a dividend payment of $1.6 billion to Treasury, which exceeded total comprehensive income of $1.4 billion, prompting the request to the Treasury Department.

Supporters of Freddie and its sister Fannie Mae have asked the Treasury Department to reconsider the terms of its dealings with the companies, particularly the 10 percent dividend they must pay in exchange for federal funds they receive as payment for preferred shares.

The NATIONAL ASSOCIATION OF REALTORS® (NAR) supports the move, saying, “Eliminating a punitive dividend is a step that should be taken now, regardless of how the GSEs may be restructured in the coming years.”

Freddie Mac continues to be a source of affordable mortgage funding, estimating that it owned or guaranteed approximately 23 percent of the outstanding single-family mortgages in the U.S. as of Sept. 30, 2010, and provided $97 billion in liquidity to the mortgage market during the third quarter. Since the beginning of 2010, Freddie Mac has helped nearly 1.4 million American families own or rent a home.

Tags: freddie mac, NAR, treasury department, affordable mortgage, mortgage market, housing market

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November 6 2010 (Chris Moore)
Freddie mac picture
Freddie Mac reported this week that it sustained a net loss of $4.1 billion for the third quarter of 2010 has asked the Treasury Department for a draw of $100 million under the Senior Preferred Stock Purchase Agreement.

The mortgage giant blamed the loss on a sagging U.S. housing market and said that it will be a “considerable time” before the housing market recovers.

CEO Charles Haldeman said, “As we near the end of 2010, the housing market remains fragile, and has recently come under renewed pressure from slowing economic growth, weaker employment and foreclosure uncertainties.”

The company had a net worth deficit of $58 million at Sept. 30, 2010, compared to a net worth deficit of $1.7 billion at June 30, 2010, the end of Q2. The deficit in net worth for the third quarter resulted from several contributing factors, including a dividend payment of $1.6 billion to Treasury, which exceeded total comprehensive income of $1.4 billion, prompting the request to the Treasury Department.

Supporters of Freddie and its sister Fannie Mae have asked the Treasury Department to reconsider the terms of its dealings with the companies, particularly the 10 percent dividend they must pay in exchange for federal funds they receive as payment for preferred shares.

The NATIONAL ASSOCIATION OF REALTORS® (NAR) supports the move, saying, “Eliminating a punitive dividend is a step that should be taken now, regardless of how the GSEs may be restructured in the coming years.”

Freddie Mac continues to be a source of affordable mortgage funding, estimating that it owned or guaranteed approximately 23 percent of the outstanding single-family mortgages in the U.S. as of Sept. 30, 2010, and provided $97 billion in liquidity to the mortgage market during the third quarter. Since the beginning of 2010, Freddie Mac has helped nearly 1.4 million American families own or rent a home.

Tags: freddie mac, NAR, treasury department, affordable mortgage, mortgage market, housing market

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November 6 2010 (Chris Moore)
Freddie mac picture
Freddie Mac reported this week that it sustained a net loss of $4.1 billion for the third quarter of 2010 has asked the Treasury Department for a draw of $100 million under the Senior Preferred Stock Purchase Agreement.

The mortgage giant blamed the loss on a sagging U.S. housing market and said that it will be a “considerable time” before the housing market recovers.

CEO Charles Haldeman said, “As we near the end of 2010, the housing market remains fragile, and has recently come under renewed pressure from slowing economic growth, weaker employment and foreclosure uncertainties.”

The company had a net worth deficit of $58 million at Sept. 30, 2010, compared to a net worth deficit of $1.7 billion at June 30, 2010, the end of Q2. The deficit in net worth for the third quarter resulted from several contributing factors, including a dividend payment of $1.6 billion to Treasury, which exceeded total comprehensive income of $1.4 billion, prompting the request to the Treasury Department.

Supporters of Freddie and its sister Fannie Mae have asked the Treasury Department to reconsider the terms of its dealings with the companies, particularly the 10 percent dividend they must pay in exchange for federal funds they receive as payment for preferred shares.

The NATIONAL ASSOCIATION OF REALTORS® (NAR) supports the move, saying, “Eliminating a punitive dividend is a step that should be taken now, regardless of how the GSEs may be restructured in the coming years.”

Freddie Mac continues to be a source of affordable mortgage funding, estimating that it owned or guaranteed approximately 23 percent of the outstanding single-family mortgages in the U.S. as of Sept. 30, 2010, and provided $97 billion in liquidity to the mortgage market during the third quarter. Since the beginning of 2010, Freddie Mac has helped nearly 1.4 million American families own or rent a home.

Tags: freddie mac, NAR, treasury department, affordable mortgage, mortgage market, housing market

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.