Bailout of Mortgage Giants Could Carry a $25b Price Tag
The Record, Bergen County, NJ › July 24, 2008
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Summary
WASHINGTON A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help save homeowners from foreclosure.
A costly rescue is just a worry, not a fact at this point. Peter R. Orszag, director of the Congressional Budget Office, predicted in a letter to lawmakers that there's a better-than-even chance the government will not have to step in to prop up the companies by lending them money or buying stock.See the full content of this document
Extract
Bailout of Mortgage Giants Could Carry a $25b Price Tag
But Congress is expected to vote as early as today on a housing measure that would give the Treasury Department authority to throw Fannie and Freddie a temporary lifeline.
It's part of a plan to let hundreds of thousands of strapped homeowners ...See the full content of this document
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