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Government Bail-Out To Cost Taxpayers $25 Billion

Published 07/23/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

The Bush administration’s plan to rescue Fannie and Freddie would cost taxpayers around $25 billion in the next two years, according to Bloomberg.com.

More trouble and a continual decline are expected to occur within the housing and financial markets. That being the case, it is likely a bail-out must occur to save the mortgage industry and economy.

Source Bloomberg.com:

Fannie Mae and Freddie Mac would cost taxpayers an estimated $25 billion over two years under the Bush administration's rescue plan, the Congressional Budget Office said.

…

``Many analysts and traders believe that there is a significant likelihood that conditions in the housing and financial markets could deteriorate more than already reflected'' in the companies' finances, the CBO said. ``Such continuing problems would increase the probability that this new authority would have to be used.''

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