Freddie Mac now seeks $1.8 bn govt aid

Government-controlled mortgage buyer Freddie Mac is asking for $1.8 billion in additional federal aid after posting a larger loss in the second quarter.

Freddie Mac said Monday it lost $6 billion,or $1.85 per share,in the April-to-June period. The company is required to pay a 10 percent annual dividend to the Treasury Department on money it has received from the government. That made up $1.3 billion of the companys second-quarter losses.

The company lost $840 million,or 26 cents a share,in the same quarter last year.

The government rescued McLean,Va.-based Freddie Mac and sibling company Fannie Mae from the brink of failure nearly two years ago. Freddie Mac is losing money from bad loans it backed,many of them before the housing market went bust. It had $118 billion in bad loans at the end of June.

PM Modi addresses the nation ahead of the rollout of new GST rates.

PM Modi says ‘GST savings festival’ begins soon: how household budgets are set for boost

Explained41 min ago

Ahead of the rollout of GST 2.0 effective from September 22, companies have announced lower prices for over 375 common-use goods. The government has urged corporates to pass on the benefits to consumers, resulting in cheaper prices for FMCG products, milk, butter, cheese, pickles, jams, and ice creams. Other items like shampoo, soap, cement, durable goods, and cars may also see a reduction.

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