Fannie Mae and Freddie Mac lost a combined $3.1 billion between April and June. Half of their credit losses came from these types of risky loans with ballooning monthly payments.Goodbye american economy. I can't believe the government is going to have to take over Fannie Mae AND Freddie Mac. This economy is so fucked. Another choice quote:
A government takeover could cost taxpayers up to $25 billion, according to the Congressional Budget Office.Sigh.