Fannie Mae and Freddie Mac took over a foreclosed home roughly every 90 seconds during the first three months of the year. They owned 163,828 houses at the end of March, a virtual city with more houses than Seattle. The mortgage finance companies, created by Congress to help Americans buy homes, have become two of the nation\u2019s largest landlords.<\/p>\n
Bill Bridwell, a real estate agent in the desert south of Phoenix, is among the thousands of agents hired nationwide by the companies to sell those foreclosures, recouping some of the money that borrowers failed to repay. In a good week, he sells 20 homes and Fannie sends another 20 listings his way.<\/p>\n
\u201cWe\u2019re all working for the government now,\u201d\u009d said Mr. Bridwell on a recent sun-baked morning, steering a Hummer through subdivisions laid out like circuit boards on the desert floor.<\/p>\n
For all the focus on the historic federal rescue of the banking industry, it is the government\u2019s decision to seize Fannie Mae and Freddie Mac in September 2008 that is likely to cost taxpayers the most money.<\/p>\n