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Freddie Mac Requests $1.8B In Aid After 2Q Loss

By Implode-Explode Heavy Industries

"Freddie Mac is losing money from bad loans it backed, many of them before the housing market went bust. It had $118 billion in bad loans at the end of June, up from $103.4 billion at the end of last year. It owned more than 62,000 foreclosed properties in June, up from about 35,000 a year earlier."

Full post as published by Mortgage Lender Implode-o-Meter on August 09, 2010 (boomark / email).