Thursday, April 23, 2009

Freddie Mac forced to take losses

Obama FHFA pressures Freddie Mac to not disclose how the housing recovery plan will force Freddie Mac to incur additional losses. Nothing like the government trying to "hide" information from the public.

Freddie Mac Executive Had Taken Week Off to Deal With Stress

"Yet Kellermann has also figured in recent controversies at Freddie Mac. He and
a group of company attorneys tussled with its regulator in early March as the
firm prepared to file its quarterly earnings report with the Securities and
Exchange Commission. The group insisted that Freddie Mac inform shareholders of
the cost to the company of helping carry out the Obama administration's housing
recovery plan. The regulator urged the company not to do so, according to
several sources familiar with the matter. An FHFA official contested that
account, saying the regulator did not oppose disclosure but how the information
was portrayed in the filing.
Freddie Mac ultimately disclosed the material."

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