Mortgage giant Freddie Mac is seeking a $1.5 billion dollar bailout after announcing a $4.59 billion dollar loss in the most recent quarter.

Freddie Mac was famously one of the recipients of the TARP stimulus bill in 2008, as the United States government bailed out during the housing crisis.

If Freddie Mac receives the bailout, it will raise its total bailout money to $66.2 billion.

Part of the rationale behind asking for the handout is Freddie Mac estimates home prices to continue to decline in the near future, and thus experience increased credit losses.

This quarter's announcement is a disappointment compared to last quarter's earnings of $676 million in profits, though a major improvement from last year's $4.7 billion loss.

On Monday, Standard & Poor's lowered Freddie Mac, and its sister Fannie Mae's, rating from a AAA down to an AA+, due to their connection to the United States.

S&P downgraded United States long-term debt down to an AA+ on Friday evening.