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Friday, May 07, 2010

Freddie Mac Asks for Additional $10,000,000,000 Bailout


Troubled US government-backed mortgage firm Freddie Mac on Wednesday asked for an additional 10.6 billion dollars from the Treasury Department to cover losses.

Announcing a 6.7 billion dollar loss in the first quarter, Freddie Mac said it would need the new funding by June 30 this year.

The Washington-based company has already received more than 50 billion dollars in taxpayers cash to cover losses from toxic assets.

It also warned that further demands would be on the way.'

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Demands?!

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