Freddie Mac Loses More Money In Third Quarter

It has already received a $51 billion bailout (a similar size to what Fannie Mae received).

Yeah, and its executives received payouts over a million dollars.

Great. I am glad our money went to a good cause.

Despite the latest losses by Freddie Mac, the lender won't need a new bailout for a while.

The Los Angeles Times reports:

Freddie Mac's losses narrowed to $6.3 billion in the third quarter, but the government-controlled mortgage finance company didn't need a federal cash infusion.

The McLean, Va.-based company has received about $51 billion since it was seized by federal regulators in September 2008, but said it didn't need any more money for the second-straight quarter.

"We continued to see some positive housing market developments, including higher volumes of home sales and modest increases in house prices in certain areas of the country," the company's new chief executive, Charles Haldeman, said in a statement Friday.

However, he cautioned, high unemployment and rising foreclosures will continue to "impede a full recovery," and the company may need more money from the Treasury Department to stay afloat. The government reported Friday that the unemployment rate hit 10.2 percent, the highest since early 1983.