Mortgage Giant Freddie Mac Asks for $6 Billion After Handing Out Millions in Bonuses
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- Created on Friday, 04 November 2011 08:32
Mortgage giant Freddie Mac, one of the major culprits of the housing crisis and collapse of the financial market in 2008, has asked American taxpayers for $6 billion in loans. The taxpayers won't have a say, of course. This is on top of their announcement that they lost $6 billion in the July to September quarter. And even better, this is on top of yesterday's announcement, where, along with their demented twin sister Fannie Mae, millions of dollars have been paid in bonuses to their top executives. This is worse than the blind leading the blind, as it's clear the system is still extremely dysfunctional with the government essentially owning the country's largest mortgage giants.