July 14, 2024

home foreclosures
home foreclosures

Yesterday, Freddie Mac chief executive, Charles Haldeman, warned of a “potential large wave of foreclosures” still to come.

Freddie Mac lost almost $26 billion last year. Freddie Mac, which has lost a total of almost $80 billion since the housing crisis started in 2007, is bracing for more pain. The company said a record 4 percent of its borrowers are at least three months behind on their payments and facing foreclosure.

Freddie Mac said it will likely need more financial aid and might never repay it.

“We now have unlimited taxpayer exposure to the bailout of Fannie and Freddie, a bailout nation where the big get bigger, the small get smaller and the taxpayer gets poorer,” Rep. Jeb Hensarling, R-Texas, said at a House hearing Wednesday.

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