Losses continued at Freddie Mac, leaving the company’s regulator looking to the Department of Treasury for more capital to cover the deficit. The U.S. Government has spent $170 billion so far to keep Freddie and its bigger rival Fannie Mae out of the red.
Second-quarter losses reported by the Federal Home Loan Mortgage Corp. were $2.1 billion.
Earnings swung from a first-quarter profit of $0.7 billion. But the secondary lender cut its losses from $4.7 billion in the same period last year.
The latest loss has Freddie’s regulator, the Federal Housing Finance Agency, requesting another $1.5 billion draw.
Freddie has requested a total of $66.2 billion in government assistance and paid out $13.2 billion in dividends to the Treasury Department.
At Freddie’s government-controlled cousin, Fannie Mae, second-quarter losses came in at $2.9 billion, prompting FHFA to request $5.1 billion.
Fannie’s bailout costs so far total $103.8 billion. Fannie has made $14.7 billion in dividend payments to the Treasury.
