“A federal rescue of troubled mortgage giants Fannie Mae and Freddie Mac could cost taxpayers as much as $25 billion, Congress' top budget analyst said Tuesday.”BS. Freddie and Fannie have $5 trillion of the country’s worst debt. Prices are down 30% from the peak, and it is entirely possible that F/F’s portfolio’s average is worse than that. The taxpayer will be on the hook for trillions. This act will likely be found by some court to be criminal when the smoke clears.
The picture is of Peter R. Orszag, the man responsible for the $25 billion figure. He is on record stating that there is a better than even chance that no money will be necessary. Funny how Congress wrote a blank check.
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