Relevant:
- Freddie Mac posts $354M "Don't Worry, It's Just Derivatives" loss; Cuts Dividend; Won't Draw on Treasury
- Freddie Mac's Delinquency Rate Rises for 30th Month
- Delinquencies, Foreclosure Starts Increase in Latest MBA National Delinquency Survey
- Fannie, Freddie Single-Family Home Delinquencies Continue to Rise
- Freddie Mac Will Seek $6 Billion of Treasury Aid After Posting Wider Loss
2009-02-25 — reuters.com
Total delinquencies jumped 0.26 percentage points last month to 1.98 percent, nearly three times that of a year earlier, according to data on the company's Web site.
...
Freddie Mac said last month it expected fourth quarter losses may force it to draw up to $35 billion from the Treasury to maintain a positive net worth.
America is very quickly going to find out that a nationalized mortgage market is not going to come for free. It's not the government conservatorship that's the problem -- it's the insistence (almost NEVER questioned) that we should keep subsidizing mortgages in general.
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