WASHINGTON – Freddie Mac reported a $1.2 billion first quarter loss yesterday, necessitating another $19 million in federal bailout assistance.
The loss compares to a $929 million loss for the first quarter of 2011.
The secondary mortgage market giant, under federal conservatorship since September 2008, received $7.6 billion in assistance for 2011 and $13 billion for 2010. Taxpayers have spent $170 billion to rescue Freddie Mac and Fannie Mae so far, and it could cost about $200 billion more to support the companies through 2014, according to the government.
The first quarter net loss takes into account $1.8 billion in dividend payments that Freddie made to the government, its primary shareholder. Fannie and Freddie are required to pay 10% dividends on the government money they receive.
In some past quarters, Freddie has not asked for any government aid. But the $19 million it is requesting for the first quarter is the smallest request it has ever made. Freddie has paid more to the government in dividends than it has taken in aid in the last five quarters, the company said.
