Your Share Of Fannie/Freddie Bailout – $1300 Per American

The average American is on the hook for $1300 for bailing out Fannie Mae and Freddie Mac.

Another $100 billion in taxpayer funds will be needed over the next three years.

If leading Democrats get their way and Fannie and Freddie start writing down mortgage principle for underwater homeowners, the mortgage giants will need even more taxpayer funds.

Report: Recent losses for both agencies stem from the U.S. housing bubble that peaked in 2006. House prices fell nationwide by more than one-third since mid-2006 by one measure, the S&P/Case-Shiller index. Price changes vary by market, but for the country as a whole, homeowners erased the gains made since 2003.

Millions of homeowners defaulted on their mortgages, leaving Fannie and Freddie saddled with bad loans. Both reverted to government control in 2008.

Fannie and Freddie were once profitable, but the money they have lost dwarfs what they made in good years.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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