You’d think that putting taxpayers on the hook for hundreds of billions of dollars of losses by Fannie Mae and Freddie Mac would be worthy of more media attention.
Fannie and Freddie were recently downgraded by S&P. Who can blame the downgrade? Fannie and Freddie are still losing money at a fast clip. And there’s no plan for their demise. They’ll just keep sucking taxpayer money for at least another decade.
From Fox News: In the second quarter, Fannie Mae lost another $2.8 billion, edging out the $2.1 billion lost by Freddie Mac in the battle of ineptitude. Together with the Federal Housing Authority, these are the rocks that provide the foundation for $5.5 trillion in housing loans.
White House strategies on housing have repeatedly failed and they claim they are “committed to winding down Fannie and Freddie,” as spokesman Matt Vogel told The Washington Post on August 16. — In other words, they are claiming to embrace the conservative position about a decade too late.
Read more: http://www.foxnews.com/opinion/2011/08/19/150-billion-and-counting-where-is-mainstream-media-coverage-fannie-and-freddie/#ixzz1VUShbeWx