More Than $150 Billion Has Gone To Bailing Out Fannie Mae, Freddie Mac

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

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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