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.