Fred F. Filsoof Pres. of Coordinated Properties: Freddie Mac and Fannie Mae Bailouts

FOR IMMEDIATE RELEASE
new york city, New York, United States of America (Free-Press-Release.com) September 17, 2010 -- Fannie Mae needs another $15 billion in federal assistance, bringing its total to more than $75 billion. And worse, the mortgage finance company warned its losses will continue this year.

The rescue of Fannie Mae and sister company Freddie Mac is turning out to be one of the most expensive aftereffects of the financial meltdown. The new request means the total bill for the duo will top $127 billion.

Freddie Mac is losing money from bad loans it backed, many of them before the housing market went bust. It had $118 billion in bad loans at the end of June, up from $103.4 billion at the end of last year. It owned more than 62,000 foreclosed properties in June, up from about 35,000 a year earlier.

Both Fannie Mae (FNMA) and Freddie Mac have both lost tens of billions of dollars during the past two years and both are asking the government to prop them up. Fannie warned that it will need even more money from the Treasury, as unemployment remains high and millions of Americans lose their homes through foreclosure.

Fannie and Freddie play a vital role in the mortgage market by purchasing mortgages from lenders and selling them to investors. Together the pair own or guarantee almost 31 million home loans worth about $5.5 trillion. That's about half of all mortgages.

Late last year, the Obama administration pledged to cover unlimited losses through 2012 for Freddie and Fannie, lifting an earlier cap of $400 billion.

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About Fred Filsoof

Mr. Filsoof also has been active in numerous civic and charitable organizations-a former regional board member of UNiCEF, Honorary chairman of NRCC Business Advisory Council, a supporter and organizer for Red Cross blood drive, an active supporter of Atlanta Ballet. Mr. Filsoof was appointed to the planning Board of Professional Children's School of new York City during May 2010. He will be directing the school's efforts in fund raising,grants and corporate sponsorship for school related growths and scholarship. In May 2010 Mr. Filsoof was appointed to the executive Board of Yangtze Repertory Theater Of America in NYC. The organization has received the highest national and international recognition. Mr. Filsoof's company has been distinguished by Highest Industry awards and Honors. He has been a frequent guest speaker at real estate symposiums and meetings throughout the area and he has been a consecutive member on "THE LIST" of Atlanta's Top Commercial Developers.

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