When mortgages backed by Freddie or Fannie fail YOU pay the bill.
Fannie and Freddie represent about half of the mortgage market. So when you think greedy banks are taking the hit on the defaults you are right only half the time. The other half you the taxpayer are ponying up the principal and interest payment that the people with the mortgages didn't.
This also means that cramdowns on these Freddie and Fannie backed bonds comes directly out of the taxpayers pocket, either now or future taxpayers who have to pay off the deficit.
In the latest quarter Freddie asked for $1.8 billion bringing it's total to $64 billion.
Fannie asked for $1.5 billion bringing it's total to $86.1 billion.
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