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Freddie Mac Seeks $10.6 Billion more in aid

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posted on May, 5 2010 @ 08:50 PM
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Firstly, apologies to the mods if this in the wrong thread. Secondly, I am having a little trouble quoting part of the article, so i will just copy and paste a selection with quotes for now.



"WASHINGTON - Freddie Mac is asking for $10.6 billion in additional federal aid after posting a big loss in the first three months of the year. It's another sign that the taxpayer bill for stabilizing the housing market will keep mounting.
www.msnbc.msn.com...

So, what happends now? Will the government let them fail this time, or will they give them the bailout? I can't imagine the public reaction to this if it is granted. If this doesn't make your average "sheep" question big corporations, I don't know what will.

Edit: Changed quote to external text.
: And again to correct it to quote.

[edit on 5-5-2010 by Good Intentions]

[edit on 5-5-2010 by Good Intentions]




posted on May, 5 2010 @ 08:53 PM
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reply to post by Good Intentions
 


I'm just waiting for MY BAILOUT.

It wouldn't cost too much, hundred grand or so.



posted on May, 5 2010 @ 08:59 PM
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reply to post by Sean48
 


Hell, even about $500 would help alot.



posted on May, 5 2010 @ 09:00 PM
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Sremmos seeks 10 billion in aid.

With this money I could do a lot of good Mr. Government, I promise.



posted on May, 5 2010 @ 09:11 PM
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reply to post by Sean48
 




Here ya go.....


4.bp.blogspot.com...



posted on May, 5 2010 @ 09:15 PM
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reply to post by freetree64
 


You nailed it.

Be about the only "bailout " I'll be getting.



posted on May, 5 2010 @ 09:27 PM
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if I had a say in this
I would tell Freddie Mac to kiss my @$$


[edit on 5-5-2010 by boondock-saint]



posted on May, 5 2010 @ 09:32 PM
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Let em burn. Let them have the wonderful opportunity to visit the local unemployment office with the rest of the unwashed masses.



posted on May, 5 2010 @ 09:34 PM
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reply to post by Good Intentions
 


Every quarter Freddie and Fannie are losing multi billion dollar loses to their portfolio, they aren't even making a profit. And this has been going on since 2008, on and on and on. There not going to let them fail because Freddie and Fannie collateralized alot of those mortgages into securities and many banks and central banks and others across the world have them to the tune of trillions of dollars. Technically they are in default (a dollar and change a share, that is technically a penny stock by NYSE rules), the govt. and the rest of the world doesn't want to point out that the Emperor has no clothes. Because when they do, then the whole game/ponzi scheme comes apart and then it's true financial armageddon. So the others are mad and want this stuff paid for, but they know they can't say anything because it will take them with the US in financial oblivion.



posted on May, 5 2010 @ 09:38 PM
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reply to post by boondock-saint
 


I'm sure most would say the same. Imagine the public answer to this being literally just that? Although it would be pretty funny, that's the answer it deserves, but it would never come out worded like that. However, something tells me they are going to get the money their seeking. I sure hope I'm wrong. I'm sure many of us here can think of better uses for that money.



posted on May, 5 2010 @ 11:20 PM
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reply to post by hoghead cheese
 


I get what your saying, but when does it stop? Do we keep doing this and hope their going to pay it back themselves? They are adding their debt while they are currently in the negatives. Can we really afford to loan any more money? I mean, the national debt just keeps on going up.



posted on May, 6 2010 @ 12:53 AM
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I'm opposed to bailouts of almost any form, but especially in this case when the company was *already* bailed out, and now has nothing to show for it. The very idea of bailing them out again is an insult to anyone who has ever gone out and actually earned a living.

Given the government's record, though, I'd bet dollars to pennies that they will bail them out again. When they do, they should get some new executives in, ones that might not screw up a second bailout gift. Obviously whoever was in charge before are incompetent, and need to be replaced, and maybe some new blood will help prevent that. At the very least, I'm begging them not to give ten billion dollars to people who have already proven that their only skill in life is flushing a toilet filled with money. Twice in a row.



posted on May, 6 2010 @ 02:39 AM
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reply to post by Good Intentions
 


Just so you know why this sub prime CRISIS happened.. It was because of the CRA Act! The CRA Act required banks to lend to people less qualified, ie. People who didn't have jobs and didn't qualify for loans!




The new request brings the total cost for rescuing Freddie Mac to $61.3bn.
'Fragile' Freddie Mac hit trouble during the American property boom, when many higher risk - or sub-prime - loans were made which were not repaid


And the reason these loans were not repaid was because the mortgagees, the people receiving the loans were not making any money and were completely unqualified for the loans in the first place. Yet Freddie Mac facilitated these loans!


Further, the Obama administration has not repealed the rediculous CRA Act that caused the real estate and thus the financial meltdown!



posted on May, 6 2010 @ 06:23 PM
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reply to post by plumranch
 


I get the feeling they won't be repealing that act anytime soon. Which is a shame. Didn't know about that so thanks for the info. It's also a shame the taxpayers will get stuck with this, as far as I'm aware.



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