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WASHINGTON, DC-Freddie Mac has some $500 million in potential exposure to Taylor, Bean & Whitaker’s loan repurchase obligations, the GSE said in a securities filing. TBW managed a mortgage servicing portfolio of about $80 billion before it filed for Chapter 11 bankruptcy protection in August.

However the chances that Freddie Mac’s exposure will wind up being much greater than $500 million can not be discounted, the GSE also said in the filing. In fact, Freddie Mac is unsure what its total liabilities might be, estimating it could reach as high as $1 billion. That is because the GSE is likely to be facing losses from TBW’s Colonial Bank as well, which was seized by the Federal Deposit insurance Corp. in August. TBW used the bank to funnel money to Freddie Mac; when it was seized it reportedly had $595 million that was going to be directed to Freddie Mac.

“At this time, Freddie Mac is unable to estimate its total potential exposure related to TBW’s bankruptcy; however, the amount of additional losses related to such exposures could be significant,” Freddie Mac says.

More than a year since the GSEs went under government control, the fact that their losses keep mounting are worrying many in the commercial real estate community. Earlier this month Fannie Mae requested an additional $15 billion in aid. At this rate, the GSEs may no longer be on track for a sustainable recovery, Sam Chandan, founder of Real Estate Econometrics, told GlobeSt.com in an earlier interview discussing Fannie Mae’s request.

Fannie Mae, for example, is required to make a 10% payment for any monies transferred to it as part of its preferred share agreement, he noted. That puts the GSE at an annualized payment of $6 billion. “Only twice in the last seven years has Fannie Mae’s income been in excess of that amount [$6 billion],” he says.WASHINGTON, DC-Freddie Mac has some $500 million in potential exposure to Taylor, Bean & Whitaker’s loan repurchase obligations, the GSE said in a securities filing. TBW managed a mortgage servicing portfolio of about $80 billion before it filed for Chapter 11 bankruptcy protection in August.

However the chances that Freddie Mac’s exposure will wind up being much greater than $500 million can not be discounted, the GSE also said in the filing. In fact, Freddie Mac is unsure what its total liabilities might be, estimating it could reach as high as $1 billion. That is because the GSE is likely to be facing losses from TBW’s Colonial Bank as well, which was seized by the Federal Deposit insurance Corp. in August. TBW used the bank to funnel money to Freddie Mac; when it was seized it reportedly had $595 million that was going to be directed to Freddie Mac.

“At this time, Freddie Mac is unable to estimate its total potential exposure related to TBW’s bankruptcy; however, the amount of additional losses related to such exposures could be significant,” Freddie Mac says.

More than a year since the GSEs went under government control, the fact that their losses keep mounting are worrying many in the commercial real estate community. Earlier this month Fannie Mae requested an additional $15 billion in aid. At this rate, the GSEs may no longer be on track for a sustainable recovery, Sam Chandan, founder of Real Estate Econometrics, told GlobeSt.com in an earlier interview discussing Fannie Mae’s request.

Fannie Mae, for example, is required to make a 10% payment for any monies transferred to it as part of its preferred share agreement, he noted. That puts the GSE at an annualized payment of $6 billion. “Only twice in the last seven years has Fannie Mae’s income been in excess of that amount [$6 billion],” he says.

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