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US housing market collapse hammers Freddie Mac

Staff Reporter 1 minute read

Freddie Mac has asked for a further US$13.8 billion (A$21.5 billion) government lifeline after reporting a US$25.3 billion (A$39.4 billion) loss for the third quarter.

The latest loss dwarfs the US$1.2 billion ($A1.9 billion) reported in the same quarter last year, highlighting the sharp deterioration in the US housing market over the last 12 months.

The lender, which alongside counterpart Fannie Mae accounts for more than half of all US loans, is currently operating under federal government conservatorship after the government recognised its increased loan impairments posed a substantial threat to the wider economy.

A failure by Freddie or Fannie would be a catastrophe for both the US and international financial markets, the government conceded in September this year.

Published: 17-11-08

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