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Freddie Mac Reports Loss, Requests Additional Funds
14 November 2008 - 2:53pm
November 14 - Troubled mortgage firm Freddie Mac disclosed today that it lost $25 billion from July through September, and now has assets exceeding its liabilities. Freddie Mac has asked for the government to provide $14 billion of the $100 billion which was authorized for the federal conservatorship of Freddie Mac and Fannie Mae. On Monday, Fannie Mae announced that it had lost $29 billion in the third quarter, and may also have to tap part of its $100 billion rescue fund. |
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