Weekends
Report-FRE-Cost of rescues: $835 billion this year- Sourced WhisperFromWallStreet.com
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Freddie Mac,FRE
Weekends Report: 0.58 Up 0.05 (9.43%) 7:59PM ET
federal government is likely to spend $835 billion this year fighting the
crises in the financial system and the economy, according to a new report by
the Congressional Budget Office.
That spending represents about 6% of the nation's gross domestic product.
Of that amount, $340 billion is going toward the Troubled Asset Relief Program,
which is being used primarily to bail out banks, insurers and the auto
industry. Another $290 billion in 2009 outlays is being used to prop up
mortgage giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune
500).
About
Freddie Mac, formally known as the Federal Home Loan Mortgage Corporation,
purchases residential mortgages and mortgage-related securities in the
secondary mortgage market and securitizes them into mortgage-related securities
that can be sold to investors. It operates in three segments: Investments,
Single-family Guarantee, and Multifamily. The Investments segment invests
primarily in mortgage-related securities and single-family mortgage loans;
purchases mortgage loans and mortgage-related securities; and issues short- and
long-term debt in the capital markets. The Single-Family Guarantee segment
engages in the purchase of single-family mortgages in the primary mortgage
market, primarily through its guarantor swap program; securitizes certain
mortgages; issues mortgage-related securities that can be sold; and guarantees
the payment of principal and interest on single-family mortgage-related
securities.
Last Trade: 0.53
Day's Range: 0.53 - 0.69
52wk Range: 0.25 - 18.85
Volume: 48,224,482
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