First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

Freddie Mac (the other US mortgage funder) posts $5 bil...

Defend Truth

Freddie Mac (the other US mortgage funder) posts $5 billion loss

Freddie Mac, America's second largest provider of residential mortgage funding, has posted a third quarter loss of $5 billion. The institution said it would also need more government support amid a "prolonged deterioration" in the housing market.  That's business talk for: Taxpayers - get ready to open your wallets again. The rise in the value of Freddie Mac-held securities helped cushion its net worth, however, eliminating the need to tap government funds for the second quarter in a row to stay solvent so it could buy and then guarantee home loans. Nonetheless, once all the bookkeeping was finished with dividend payments on government-held preferred stock, the total loss was a hefty $6.3 billion. Analysts said the red ink was just beginning to come out, although Freddie Mac's losses were a fraction of those of its larger cousin, Fannie Mae. The results of the two lenders are a bellwether of the American housing market, given that they end up with nearly half the home loans in America, when all is said and done. These losses present the government with a true dilemma - there is a need to protect the taxpayers' money, but Congress and the president want the two companies to carry out the foreclosure prevention efforts to aid distressed home owners, adding to the lenders' losses.  Rising delinquencies and unemployment mean the housing market remains frail and unemployment, foreclosures and excess unsold housing pushes prices lower. As a result, the company's survival will continue to depend on government help.Read more: Reuters and Freddie Mac

Gallery

Please peer review 3 community comments before your comment can be posted