U.S. Freddie Mac asks for 10.6 billion dollars more in aid

Troubled U.S. government-backed mortgage firm Freddie Mac on Wednesday asked for 10.6 billion dollars in additional federal aid to cover its huge losses.

Freddie Mac, which has already received more than 50 billion dollars in federal aid, reported earlier Wednesday that it lost 8 billion dollars in the first quarter, or 2.45 dollars a share.

The company said it would need the new funding by June 30 this year. Moreover, "Freddie Mac expects to request additional draws," it said in a statement.

The Congressional Budget Office estimated in January that the direct U.S. aid to Freddie Mac and its large rival Fannie Mae might total 389 billion dollars by 2019.

[Source: Xinhua, Washington, 05May10]

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