Freddie Receives Additional Funding

The McLean, Virginia-based mortgage giant ""Freddie Mac"":http://www.freddiemac.com was given another $6.1 billion by the Treasury Department last week to offset the GSE's first quarter deficit, according to a recent securities filing by the company.
Freddie's regulator, the ""Federal Housing Finance Agency"":http://www.fhfa.gov (FHFA), requested the funds after the mortgage firm's liabilities exceeded its assets by more than $6 billion. The GSE posted a loss of $9.9 billion, or $3.14 per share, for the quarter ending March 31, as a result of mounting credit losses due to rising delinquency rates and falling home prices, and billions of dollars in write-downs on its mortgage-backed securities (MBS).
The Treasury funding is part of the $400 billion the government pledged last year to back Freddie Mac and sibling mortgage financier ""Fannie Mae"":http://www.fanniemae.com ($200 billion each) when the two were placed under federal conservatorship in September. So far, Freddie has taken $51.7 and still has access to an additional $149.3 billion if needed to finance its operations. Fannie Mae has drawn $34.2 billion from the Treasury purse.
Along with its sister Fannie, Freddie has been among the hardest hit by the national housing slump. As the company has struggled with keeping its finances afloat, it has also had a hard ime keeping its management team intact. However, according to a ""_Wall Street Journal_"":http://www.wsjonline.com report, Freddie could be close to naming a new, permanent CEO.
Charles Haldeman Jr., chairman of Putnam Investment Management LLC and president and trustee of Putnam Funds, is reportedly the primary candidate for Freddie's chief executive post. Haldeman's appointment would have to be approved by FHFA, but the ""_Associated Press_"":http://www.ap.org said Haldeman stepped down from his position at Putnam Investments last Tuesday.
John Koskinen has been serving as Freddie's interim CEO since March, when the former government-appointed CEO David Moffet resigned.