Freddie Mac and Fannie Mae Bill Now at $145 Billion
Both Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM) shares gained 3.88% today despite being tagged with the most expensive taxpayer bill ever to be bailed out by the U.S. Government.
Monday (5/10) Freddie Mac (FRE) shares closed at $1.34 and Fannie Mae (FNM) at $1.07. Fannie Mae has again asked taxpayers for more money -- this time $8.4 billion -- after reporting another steep loss for the first quarter. The taxpayer bill for rescuing Fannie and its sibling Freddie Mac has grown to $145 billion -- and the final tally could be much higher.
The rescue of Fannie and Freddie is turning out to be one of the most expensive aftereffects of the financial meltdown, and Fannie Mae's first-quarter financial report on Monday made clear that there is no end in sight.