Magazine article The New American

Fannie & Freddie: Still Mortgaging America's Future to Stay in Business

Magazine article The New American

Fannie & Freddie: Still Mortgaging America's Future to Stay in Business

Article excerpt

Three years after the feds took over their already failing "government-sponsored enterprises" Fannie Mae and Freddie Mac, the two mortgage companies are still bilking taxpayers in order to stay afloat--and Fannie's rescue is now slated to become "the most expensive bailout of a single company" in history, the Associated Press reported in May.

Fannie said it lost $8.7 billion in the first quarter of 2011, as a result of which it is now asking for $8.5 billion more in federal aid, "more than three times the federal aid it sought in the previous quarter," says the AR Fannie has thus far cost taxpayers almost $100 billion in bailouts, making it the largest bailout of a company in U.S. history. A Reuters report added that Freddie "lost just under a billion dollars" in the first quarter but "did not request any new money from the government."

The two companies are expected to cost taxpayers $259 billion by the time all is said and done. …

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