Forum Post: What is making my blood boil this morning

11-3-12 11-3-2011 Mortgage finance giant Freddie Mac said on Thursday it will seek an additional $6 billion from U.S. taxpayers following its worst quarterly loss this year. The government-owned company reported a comprehensive loss in the third quarter of $4.4 billion, it said in a filing with the U.S. Securities and Exchange Commission. That compared with a $2.5 billion loss for the same three-month period in the previous year. Despite income of $4.6 billion, the company registered a net worth deficit of $6.0 billion, which was partly attributed to a $1.6 billion quarterly dividend payment to the Treasury. "The weak labor market and fragile economy continue to weigh heavily on the single-family market, causing many potential buyers to sit on the sidelines or opt to rent despite high affordability and record low mortgage rates," Chief Executive Officer Charles E. Haldeman said in a statement. Freddie Mac has now drawn $72.2 billion from the government since it was taken over at the height of the financial crisis in September 2008. The government seized both Freddie Mac and larger rival company Fannie Mae as mortgage losses at the two firms piled up and threatened them with insolvency. Freddie Mac has now returned $14.9 billion of the money it has drawn from Treasury in the form of dividend payments.

5 DAYS AGO White House wants to convert foreclosed houses to rentals By Diana Olick , cnbc.com The Obama administration, in conjunction with federal regulators and led by the overseer of Fannie Mae and Freddie Mac, are very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, according to administration officials. There are currently about a quarter of a million foreclosed properties on the books of Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) and millions more are coming. The foreclosure processing delays of last year created a mammoth backlog of properties yet to be processed, which are just now being re-started. One of the initiatives of this program is for the federal government to be in the position to mitigate and manage any new wave of foreclosures, sources say. Late stage delinquencies still in the pipeline number close to two million, according to a new report from Lender Processing Services. Foreclosure starts outnumber foreclosure sales by two to one, and, "the trend toward fewer loans becoming delinquent, which dominated 2010 and the first quarter of 2011, appears to have halted," according to LPS..

Who is the overseer of Freddy Mac? Am I reading this correctly, they ask for billions a few months ago....of our tax dollars...now we are looking at a group that received financial mercy becoming landlords for homeowners who had to walk away. Wow...I wonder how many of these "rentals" belonged to people who did not declare bankruptcy, who were not shown mercy and who are either homeless or living out of their car? Thank God the IRS forgave debt cancellation into 2012-otherwise, people could have been taxed on their losses.....(debt cancellation) Goodbye to the American Dream...