Less than a week after its sister entity Fannie Mae asked for another $1.5 billion in federal aid, Freddie Mac has requested $1.8 billion in additional funds from the government after reporting a $4.7 billion second-quarter loss.

The struggling mortgage lender said that it had to pay $1.3 billion in dividend on its senior preferred stock to the U.S. Department of the Treasury. Including that, Freddie Mac reported a net loss attributable to common stockholders of $6.0 billion, or $1.85 per diluted common share. Freddie Mac's earnings decline followed a net loss of $6.7 billion in the previous quarter.

As of June 30, 1010, Freddie Mac had a net worth deficit of $1.7 billion, compared to a net worth deficit of $10.5 billion at the end of the first quarter. The net worth deficit was primarily driven by a loss and by the dividend payment. The second quarter total comprehensive loss was partially offset by a $4.3 billion improvement in accumulated other comprehensive income.

The Federal Housing Finance Agency (FHFA), as Freddie's conservator, will submit a request on the company's behalf to Treasury for a draw of $1.8 billion under the Senior Preferred Stock Purchase Agreement.

"Freddie Mac continues to support the still-fragile housing market by providing America's families with access to affordable home financing and foreclosure alternatives," said CEO Charles Haldeman. "We helped more than 150,000 struggling borrowers avoid foreclosure and provided funding that enabled more than 865,000 American families to buy or rent a home in the first half of 2010." But added that "high unemployment and other factors still pose very real challenges for the housing market."

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HunterofthePack

If this lame company can't keep its head above water, let it fail. NO MORE CORPORATE WELFARE!!!!

August 17 2010 at 7:02 AM Report abuse +2 rate up rate down Reply
cookie

Freddie Mac does not help everyone who they are supposed to help.

August 10 2010 at 7:36 PM Report abuse +2 rate up rate down Reply
cbeetom

NO MORE TAX PAYER MONEY TO FREDDIE OR FANNIE. THEY EITHER MAKE IT WITHOUT MORE BAILOUT MONEY OR THEY DIE. IF THEY NEED MORE MONEY TELL THEM TO GO SEE SLICK WILLIE CLINTON. HE IS THE ONE THAT FORCED THEM TO GIVE OUT SUB PRIME LOANS. CAN'T BLAME BUSH FOR THAT ONE. TIME TO GET RID OF ALL THE BLOOD ******* LEECHES IN WASHINGTON. DUMP THE DEMS AND ANYONE THE VOTES FOR THIS BAILOUT.

August 10 2010 at 6:39 PM Report abuse +2 rate up rate down Reply
omountainman

If Obama gives them more money, he should be impeached for theft! Why doesn't he go after people like Franklin Raines? Franklin Raines received over $90,000,000. (that's right over 90 million dollars) in bonuses while he headed Fannie Mae and did it by cooking the books. I guarantee that nothing will ever be done to him though! And I can tell you why! He's a close personal friend of Obama. He was Obama's financial advisor during the campaign and I'm willing to bet that he's been to the White House numerous times since Obama has been in office!

August 10 2010 at 4:41 PM Report abuse +4 rate up rate down Reply
Wayne

Hey I want a bail out of about 3.5 million. Obama will help them and screw us at the saem time. If every body is paying back the bail out money how come the national debt keeps going up instead of down. I am sure that all those vacations that the Obamas are taking when we americans are struggling to pay our bills and send our kids to college is bothering them at all. Screw them and there bail out. Maybe they can get all their employees to give back some of their money and pay checks, Since 2002 the government has given employees have increased there pay by 33% as reported by the USA Today. The government employess over 2 million federal workers. Where do I sign up. I need some Obamacare.

August 10 2010 at 4:24 PM Report abuse +4 rate up rate down Reply
donino1

Everybody here dosen't seem to get its not about Democrats or Republicans, all the politicians care about is MONEY, they can make all the promises from the left and the right but at the end of the day the system is set up to make the rich richer and the poor poorer. This Country is being ran by corperations that can by and sell any one, thats what it is all about.

August 10 2010 at 3:49 PM Report abuse +1 rate up rate down Reply
Georgia A McD

More of Obama giving away our future. If companies can't make it, they need to fail. They shouldn't be making bad loans to begin with. All of you who are tired of too much taxation, vote out ALL incumbents this fall!

August 10 2010 at 3:31 PM Report abuse +4 rate up rate down Reply
Jim Hoppe

LET EM ROT IN HELL!!!!!!!!!!!!!!! GOOD RIDDINS!!!!!!!!!!

August 10 2010 at 2:56 PM Report abuse +4 rate up rate down Reply
hdrjc

Are we ever going to wake up from this horrible dream. IMPEACH, IMPEACH, IMPEACH

August 10 2010 at 2:48 PM Report abuse +7 rate up rate down Reply
primess991

I say let them fall just like the rest of us. We didnt get no gov. bailout. I jumped through all the hoops and still lost my home and the bank still made money on it. Thay wanted us to fail so thay can sell it quick at auction and not even get an quarter of what it is worth. They say they are trying to help, what a joke.

August 10 2010 at 2:43 PM Report abuse +11 rate up rate down Reply