Freddie Blows Through Another $35 Billion
$100 billion just isn’t what it used to be. Over the weekend Freddie Mac (FRE) requested a second draw on its Treasury Department credit facility saying $30-35 billion would suffice to keep its net worth above zero thank you very much. After taking $14 billion in the third quarter of last year Freddie has now chewed through almost half its $100 billion taxpayer-provided safety net in just 5 months.  According to Bloomberg Freddie’s fourth -quarter operating losses triggered the need for additional funds as its massive mortgage portfolio continues to sour. Analysts expect Freddie’s sister company Fannie Mae (FNM) ...
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