More Government Fail: Bailout of Fannie Mae and Freddie Mac Could Exceed 1 Trillion
So let me get this straight. I come to work everyday to make sure I earn the money to support my family and pay my mortgage. All the while the government has given, and is giving, home loans to people who can’t afford it and won’t make the payments. So now the government is asking taxpayers to bail out the very entities that hold these loans. So in effect they are going to transfer my wealth to someone/something else because the government thought is everybody is entitled to a home. Thank you very much Barney Frank. You and your liberal cronies who created this housing mess are a disgrace. More goodness from CNBC:
For American taxpayers, now on the hook for some $145 billion in housing losses connected to Fannie Mae and Freddie Mac loans, that amount could be just the tip of the iceberg.
According to the Congressional Budget Office, the losses could balloon to $400 billion. And if housing prices fall further, the cost to the taxpayer could hit as much as $1 trillion.
Two things are clear: Taxpayers don’t want to foot the bill, and Fannie and Freddie, taken over by the government in 2008 to stanch the financial bloodletting, need a major overhaul.
“Some of us who don’t even own homes are paying to support others and their home ownership, and they ask ‘why?’ said Robert J. Shiller, a Yale University economics professor and co-creator of the S&P/Case-Shiller Home Price Indices.
Recent Comments