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NEW YORK (Fortune) -- Freddie Mac, the government-backed mortgage finance company, said Wednesday it has asked the government for $30.8 billion in additional funding to close a gaping hole on its books.
I never thought this would happen. Not in a million, zillion years. Well, at least this is the end of it. All the rest of the loans they have and the ones yet to be absorbed are gonna be rock solid.
Say it with me: ROCK SOLID.
Then, try to hold back the gales of laughter. A good facepalm helps.
Freddie's net worth...was negative $30.7 billion at the end of 2008. The company's shares...traded as high as $67....closed Wednesday unchanged at 42 cents.
You know, if this was a real company, instead of one made of marshmallows and candy corn and almond butter...it would be so bankrupt, so yesterday and so spectacularly, man......it would be a sight to behold.
Both fannie and freddie need to be looked at very carefull;y as to teh accouting problems before they get anything. thios was asked for years ago and was blocked and then we found the governamnt had to take them over. They hold 50+% of mortgages and need a independent audit IMO.Especially as under government control they just gave bonuses to employees wh8ich governamnt just decried under private control.
Location: Georgia, on the Florida line, right above Tallahassee
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They're like a great Hoover, just hoovering up all the fail in America. GM going bad will look like a popgun next to Krakatoa when we have to pay off this one.
Hey, something you and I 100% agree on! What a total joke this company is. Greedy people brought this country to its knees.
Thats an ironic statement coming from you. Arent you the "free market" capitalist guy? Isnt Gordon Gecko your god?
----The point is, ladies and gentleman, that greed -- for lack of a better word -- is good
Greed is right.
Greed works.
Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.
Greed, in all of its forms -- greed for life, for money, for love, knowledge -- has marked the upward surge of mankind.
And greed -- you mark my words -- will not only save Teldar Paper, but that other malfunctioning corporation called the USA.---
It was governamt that setup this compnay and promoted the greed you talk of and at the same time turned its back, As bareny Frank said in rejecting looking into the books of both;if they fail we can just bail them out.
How much more are they going to ask and how much more are we going to take this? Its getting to be like a bratty child asking for candy and their weak parents just can't say no.
I see it as an allowance. GM did it and now everyone else seems to be doing it and then we'll see headlines telling us there's glimmers of hope and the economy is looking better.
Until the banks/corporations pay back the money or go under I refuse to believe any news touting "recovery" or "bottom".
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