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Fannie, Freddie Can Now Get Unlimited Aid
Key Excerpts from Article on Website of CBS News/Associated Press
Posted: January 4th, 2010
http://www.cbsnews.com/stories/2009/12/25/politics/main60216...
The government has handed its ATM card to beleaguered mortgage giants Fannie Mae and Freddie Mac. The Treasury Department said [it had] removed the $400 billion financial cap on the money it will provide to keep the companies afloat. Already, taxpayers have shelled out $111 billion to the pair. By making the change before year-end, Treasury sidestepped the need for an OK from a bailout-weary Congress. "The companies are nowhere close to using the $400 billion they had before, so why do this now?" said Bert Ely, a banking consultant in Alexandria, Va. The news followed an announcement Thursday that the CEOs of Fannie and Freddie could get paid as much as $6 million for 2009, despite the companies' dismal performances this year.
Note: For many reliable reports on the government bailout of Wall Street and the financial industry, click here.
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