True Cost of Fannie, Freddie Bailouts: $317 Billion, CBO Says

The Congressional Budget Office (CBO) says the real cost of the federal government guaranteeing the business of failed mortgage giants Fannie Mae and Freddie Mac is $317 billion — not the $130 billion normally claimed by the Obama administration.

In a report delivered to the House Budget Committee on June 2, the CBO said a “fair value” accounting of guaranteeing the two defunct mortgage companies ”“ known as Government Sponsored Enterprises (GSEs) ”“ was more than twice as high as the Office of Management and Budget had accounted for.

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Posted in * Economics, Politics, Economy, Housing/Real Estate Market, Politics in General, The 2009 Obama Administration Housing Amelioration Plan, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government