Wednesday, April 22, 2009
You Own 'Em America!
I am working on an expanded post about Fannie, Freddie and the Fed Home Loan Banks (little cousin of the GSE family, but just as poorly managed). I just wanted to share a few things because I forgot how ridiculous this whole situation is:
- Fannie & Freddie lost a combined $108.4 billion in 2008
- Total combined obligations total $6.2 trillion
- The U.S. Government owns roughly 80% of Fannie & 80% of Freddie
This effectively increases the national debt by roughly by 55%:
Debt of the General Fund: $11.2 trillion
GSEs: $6.2 trillion
Total: $17.4 trillion
That is $2.7 trillion more than last year's GDP.
Posted by MK at 2:33 PM