Freddie Mac is still owed $1.2 billion from the bankrupt Lehman Brothers and likely will not be reimbursed anytime soon due to the fact that the GSE is an “unsecured” creditor, according to a new report by the Federal Housing Finance Agency’s Office of Inspector General. The report notes that the loan was made in August of 2008, not long before Lehman went bust and Freddie was placed into government conservatorship. The loan was described by Freddie officials as a “Fed Funds” transaction available to Lehman on an overnight basis. However, the limit on such transactions was $250 million, according to the OIG Report.