Defend Truth

Fannie Mae and Freddy Mac still in the deep funk

Fannie Mae and Freddy Mac still in the deep funk

Many consider mortgage behemoths, Fannie Mae and Freddy Mac, the Ground Zero of the sub-prime crisis. Since July 2007, their combined losses are a scarcely believable $165 billion. Since September 2008, when they were taken over by the US government to stave off the systemic collapse, the terrible twosome gobbled up chump change of $96 billion in federal money and it looks like even that was not enough after the testimony before the US Senate banking committee. They are still bleeding as the recession hit the US hard, rendering many normally credit-worthy citizens unemployed. The companies are also reeling under the weight of nearly 100,000 foreclosed homes.

Gallery

Please peer review 3 community comments before your comment can be posted

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Become a Maverick Insider

This could have been a paywall

On another site this would have been a paywall. Maverick Insider keeps our content free for all.

Become an Insider
Daily Maverick Elections Toolbox

Download the Daily Maverick Elections Toolbox.

+ Your election day questions answered
+ What's different this election
+ Test yourself! Take the quiz