Freddie Mac asks for an additional £9.3billion from taxpayers

US taxpayers have been asked to pump to another £9.3billion into stricken mortgage giant Freddie Mac.

It requested another handout last night after plunging to a £17.1billion loss in the third quarter amid the on-going crash in the US property market.

The mortgage group also revealed that its debts have now overtaken its assets for the first time in its history, suggesting that further government cash injections will be needed in the future.

freddie mac

Begging bowl: Freddie Mac has asked for another £9.3billion of taxpayer cash

Freddie Mac, and peer Fannie Mae, had to be rescued by Washington after clocking up huge losses in the sub-prime crisis.

The nationalisation of the two groups, which provide funds for mortgage companies, underlined the depth of the crisis in the US housing market.

The rising cost of keeping Freddie and Fannie afloat creates another headache for US Treasury Secretary Hank Paulson.

He has had to broaden his $700billion bank bailout scheme as the financial eats wreaks havoc in all corners of the financial system.

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