Freddie Mac, one of the 2 largest mortgage servicers in the nation along with Fannie Mae, was bailed out and nationalized by the U.S. government along with Fannie last year. Effectively, these quasi-private secondary market investors are now owned and operated by the U.S. taxpayers via the U.S. Treasury.

Sadly, their financial meltdown continues. Freddie Mac is now reporting that their liabilities (or debts) far exceed their assets. No kidding!!! They also may have trillions of dollars in "off balance sheet" derivatives investments which they are not even acknowledging at this point. This is one of the main reasons why OVER FIVE (5) YEARS AGO I said that both Fannie and Freddie were technically insolvent.

Freddie Mac is now reporting that their loan portfolio dropped $120 billion in value in recent times. As a result, Freddie may have to "borrow" another $30 billion plus to stay afloat.

Listed below are alleged losses by Freddie Mac by the calendar:

* Full Quarter (3 months): $24 Billion.
* Each Day: $265 Million.
* Each Hour: $11 Million.
* Each Minute: $184,000.
* Each Second: $3,000.

And you thought your credit card balances were too high!!!!!!!!!