Freddie Mac seeks $1.5 billion from taxpayers

(Reuters) - Mortgage finance giant Freddie Mac FMCC.OB said on Monday it would need to ask for an additional $1.5 billion from taxpayers due to losses stemming from weak housing markets.

The company reported a comprehensive loss in the second quarter of $1.1 billion. Despite income of $1 billion, the company registered a net worth deficit of $1.5 billion.

That is in part because it was required to pay dividends worth $1.6 billion to the Treasury. As a result, the cost to taxpayers of its rescue declined by $100 million this quarter. FULL STORY