Ending Taxpayer Bailouts for Fannie Mae and Freddie MacPosted by Randy | May 19, 2011
Last year, Fannie Mae and Freddie Mac spent over $28 billion in taxpayer money. Since then, Fannie Mae has reported a net loss of $6.5 billion and requested an additional $6.2 billion in taxpayer funds from the Treasury. To date, the failures of the two government-sponsored enterprises (GSEs) have directly cost taxpayers more than $150 billion. The Congressional Budget Office (CBO) estimates that total federal subsidy outlays to Fannie and Freddie could total nearly $400 billion through 2019.
By privatizing Fannie and Freddie over a five-year transition period and gradually eliminating taxpayer subsidies in the secondary mortgage market, the bill requires the GSEs to eventually stand on their own two feet and compete with private sector competitors.
Users are solely responsible for the opinions they post here and their comments do not necessarily reflect the views of Congressman Forbes.
Post a Comment
We encourage you to analyze and comment on the posts featured on this blog, but please understand that comments which include campaign content, engage in personal attacks, or include vulgar, profane, obscene, or inappropriate language will be removed from the site. Please note that there may be a brief delay in the publication of your comment.
RECENT POSTS09/30/2014 - It's not that complicated...
09/29/2014 - ACTION ALERT: jobs
09/26/2014 - Question of the week: Do you believe that regulations are necessary in order to maintain equal access to the Internet?
09/25/2014 - You're invited
09/24/2014 - Your $ going towards this
09/22/2014 - Administration changes course (in the right direction)