Freddie Mac loses $821 million for the quarter

Thank goodness for that explicit guarantee!  Freddie Mac posted losses of $821 million and said that there is "no possible way" to predict the end of the housing bust.  The company also doubled it's loan loss reserves to $2.8 billion - which sounds reassuring until you realize that $2.8 billion is only good for about 3 quarters of similar losses.  Freddie Mac is going to need lots of cash - my paycheck awaits! From Bloomberg: Freddie Mac, the U.S. mortgage-finance company hobbled by record foreclosures, slashed its dividend at least 80 percent after posting a quarterly loss that was three times wider than analysts' estimates. ... Freddie doubled its reserves for future home-loan losses to $2.8 billion, signaling Chief Executive Officer Richard Syron sees no end in sight to t