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Freddie Mac, one of the two Government Sponsored Entities (remember this part) that buy conforming residential mortgages, apparently didn’t let a $2 billion quarterly loss and 50% cut in its dividend to shareholders ruin the holiday spirit. The big GSE kept the mood high with employees and families this year with their family holiday event held at the swank Ritz-Carlton at Tyson’s Corner, VA.
Big hat tip to one of our own Blown Mortgage readers for sending in a copy of the hotel schedule which shows the 3 hour event that took place yesterday evening. You can see the picture below (click for a larger image).
Seriously? The Ritz-Freakin’-Carlton? Who’s thinking over there? Looking at this I feel like I’m on crazy pills. Running the risk of sounding like Captain Obvious - Memo to Freddie staff: When you’re hemorrhaging cash like a stuck pig and cutting shareholder value - ixnay on the swanky holiday parties at luxury hotels!
I’m sure the shareholders that saw their dividend slashed by 50% are more than happy to foot the bill on this one; I just wonder how the taxpayers are going to swallow the much larger bill that a GSE bail out will require.
10 trillion bailout by us the US Taxpayers coming down the tracks, and yes the same year that the first baby boomers want that social security check…………..ouch
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