Freddie Mac Wants $1.5 Billion From Taxpayers

Apparently oblivious to the fact that the government is experiencing some financial problems, Freddie Mac says it needs to ask taxpayers for $1.5 billion to help it cover the net worth deficit it’s plunged into thanks to the housing market bust.

Reuters reports Freddie Mac is in the hole partially because it’s required to send $1.6 billion in dividends to the U.S. Treasury. Freddie Mac, which the government bailed out in 2008, isn’t exactly bullish on the housing market, anticipating home prices to continue to drop and its credit losses to rage throughout the year.

Freddie Mac’s needs may seem extreme, but it’s demure compared to bailout buddy Fannie Mae, which last week said it will request $5.1 billion more from taxpayers.

Freddie Mac seeks $1.5 billion from taxpayers [Reuters]