US mortgage giant ask taxpayers to cough up $6bn

Government-controlled US mortgage financier Freddie Mac is seeking a further $6bn from US taxpayers, taking its total bailout to $72.2bn.

The group said there has been an uptick in homeowners falling behind on their obligations, putting pressure on the lender. It has now had to turn to taxpayers once again after revealing it can no longer rely upon mortgage insurers to reimburse it for losses, according to the Financial Times. Freddie Mac made the request in its third quarter results after revealing a $4.4bn third-quarter loss, its poorest three-month performance so far this year. Chief executive Charles Haldeman said the group's precarious financial position is due to the poor state of the US housing market and the ...