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Freddie Mac continues down turn

August 13, 2010
The Daily Mining Gazette

Many of the large financial institutions that received government bailouts have repaid the money. Most of them have returned to profitability. And most will fall under stiff new "safeguard" requirements approved by Congress.

But Freddie Mac, the giant government-controlled mortgage buyer, falls into none of those categories. As a matter of fact, Freddie Mac still is losing money.

Freddie Mac has asked the government for another $18 billion in aid, after losing $6 billion in the second quarter of this year. Incidentally, its government-controlled cousin, Fannie Mae, also is losing money by the truckload.

Congress and President Barack Obama seem to be missing the message. We think voters get it: Financial institutions linked to the government are getting free passes they don't deserve.



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