McLEAN, Va. – Freddie Mac said yesterday it will need an additional $6.1 billion in federal aid after it lost $9.9 billion for the first quarter.
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The report comes just days after Fannie Mae reported it needs an additional $19 billion in government aid after reporting a $23.2 billion loss for the first quarter.
The Obama administration said this week it expects the two government sponsored enterprises, which were both taken under conservatorship last September, will need at least $175 billion of federal assistance.
Freddie Mac’s first quarter results were driven by $8.8 billion in credit losses due to soaring delinquency rates and falling home prices, and $7.1 billion in writedowns of the value of its mortgage-backed securities.
