More Red Ink Floods Freddie Mac
February 24, 2011, 6:33 p.m. EST 1 Min Read
WASHINGTON – Secondary mortgage market giant Freddie Mac reported another $1.7 billion loss for the fourth quarter of 2010, creating a $19.8 billion loss for the year.
The report, which comes with a request for another $500 million in government assistance, comes as Congress is opening its inquiry on the future of Freddie and its secondary market sister Fannie Mae.
The government rescued Freddie and Fannie in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers as much as $259 billion.
Fannie Mae and Freddie Mac own or guarantee about half of all mortgages in the U.S., or nearly 31 million home loans worth more than $5 trillion. Along with other federal agencies, they played some part in almost 90 percent of new mortgages over the past year.
Georgia’s Own CU Opts For Fiserv’s Acumen
ATLANTA – Georgia’s Own CU signed with Fiserv to install the company’s account-processing, online banking and other software products, a new client for Fiserv.
The $1.6 billion credit union will install Fiserv’s Acumen data processing system, as well as ZashPay, a person-to-person payment service; the Corillian online-banking technology; CheckFree electronic bill payments; and Mobile Money mobile banking.
The value of the contract was not disclosed.WASHINGTON – Secondary mortgage market giant Freddie Mac reported another $1.7 billion loss for the fourth quarter of 2010, creating a $19.8 billion loss for the year.
The report, which comes with a request for another $500 million in government assistance, comes as Congress is opening its inquiry on the future of Freddie and its secondary market sister Fannie Mae.
The government rescued Freddie and Fannie in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers as much as $259 billion.
Fannie Mae and Freddie Mac own or guarantee about half of all mortgages in the U.S., or nearly 31 million home loans worth more than $5 trillion. Along with other federal agencies, they played some part in almost 90% of new mortgages over the past year.
