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OBAMA! removing $400 billion cap to Fannie and Freddie
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Monday, December 28, 2009
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From Newsmax:

The Obama administration says it is removing the $400 billion financial cap it will provide to Fannie Mae and Freddie Mac to keep the mortgage giants from failing.

Treasury Department officials said the cap will be replaced with a flexible formula to ensure the companies can stand behind the billions of dollars in mortgage-backed securities they sell to investors.

Since the financial crisis hit last year, Fannie and Freddie have received $111 billion in government infusions. In August, the administration projected the cost for rescuing Fannie and Freddie would total $170 billion.

While most analysts believe the companies are...

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Topics: Obama | Government_Stupidity | Boondoggle
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