Back to the Well

Just remember: according to the likes of Paul Krugman, Fannnie and Freddie had nothing to do with the financial crisis:

Mortgage finance giant Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as a weaker housing market causes continued losses on loans made prior to 2009.

Since the firm was seized by the U.S. Treasury in 2008, it has needed about $104 billion in government capital injections, although it has paid back about $14.7 billion in dividends.

Freddie and Frannie combined are about $143 billion in the hole to the taxpayers. Like the government funding them, they are assuring thus that everything will be just fine in a decade or so. But they’re losing money today, so…

It’s amazing that with all the deserved bile thrown at the banks, there are still those who hold back on the socialized monstrosities, run by and for political hacks. Or … maybe it doesn’t.

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