CHESSNOID

It is pretty obvious this failed venture to prop up an insolvent company isn’t working. Why does the Obama administration continue to throw taxpayer money away?

Freddie Mac needs another $6.1B in aid
Total bailout comes to $51.7 billion as mortgage financier reports a $9.9 billion quarterly loss.

Freddie Mac asked for another $6.1 billion in government aid Tuesday, after reporting a $9.9 billion quarterly loss.

Including the most recent request, Freddie Mac (FRE, Fortune 500) has drawn $51.7 billion of its $200 billion lifeline from the Treasury Department. Last quarter, when it reported a loss of $23.9 billion, the company asked the government for $30.8 billion.

Quarterly results at the troubled mortgage finance company, which was taken over by the federal government in September, were dragged down by rising credit losses and writedowns on the deteriorating value of its mortgage-backed securities.

“This was another difficult quarter for Freddie Mac, as declining home prices and the weak economy continued to take a toll on our results,” said Freddie Mac Interim Chief Executive John Koskinen.

Recent news said Social Security and Medicare are short on funding and need more money. Those programs being funded with the same money being thrown away in the fraud bailouts would better serve the American people. Stop the bailouts for goodness sakes. The economy will not get better soon so this company will continue to lose money.

Ron Paul video on bailouts