{"id":32994,"date":"2015-05-07T11:56:41","date_gmt":"2015-05-07T18:56:41","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=32994"},"modified":"2020-10-06T17:08:33","modified_gmt":"2020-10-07T00:08:33","slug":"got-157-3-billion-mortgage-bailouts-might-not-be-over","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/got-157-3-billion-mortgage-bailouts-might-not-be-over\/","title":{"rendered":"Got $157.3 Billion? Mortgage Bailouts Might Not Be Over"},"content":{"rendered":"

The profits keep coming at Fannie Mae and Freddie Mac, the government-backed companies that work their financial magic so folks like us can get 30-year, fixed-rate mortgages. This week, Freddie said it made $524 million<\/a> in the first three months of this year; today, Fannie reported<\/a> $1.9 billion. And when Fannie and Freddie profit, taxpayers profit, too. Kind of. That’s because when millions of high-risk mortgages started failing in 2008, the government stepped up with $187 billion to keep Fannie and Freddie in business. They’ve since paid us back and put another $43.3 billion into Treasury coffers, helping us balance the federal budget. In fact, Fannie and Freddie will keep writing us checks as long as they\u2019re making money.
\nTaxpayers win, right? Not really, because the deal works both ways. Profits are weakening, and Fannie and Freddie might be even more fragile today than they were in 2008 because they have almost no capital cushion. Because of that, a ripple in the housing market could leave us on the hook for another bailout. For that we can blame Congress and the White House, which never got around to fixing the companies after the last mortgage meltdown. That indifference could cost us as much as $157.3 billion<\/a> for a second bailout if the economy really goes south.
\nOK, that\u2019s a highly unlikely worst-case scenario, but given that we\u2019re six years past the recession and Washington is still dawdling, maybe a little hyperbole is in order.<\/p>\n","protected":false},"excerpt":{"rendered":"

Profits are weakening, and Fannie Mae and Freddie Mac might be even more fiscally fragile today than they were in 2008. That means a ripple in the housing market could leave taxpayers on the hook for another bailout. For that we can blame Congress and the White House, which never got around to fixing the companies after the mortgage meltdown. That indifference could cost us as much as $157.3 billion for a second bailout if the economy goes really south.<\/p>\n","protected":false},"author":13355,"featured_media":32998,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[71,32,74,19],"coauthors":[79,198,206,163],"class_list":["post-32994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-celebrity","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"\nMortgage Bailouts Might Not Be Over - via @Redfin<\/title>\n<meta name=\"description\" content=\"Fannie Mae and Freddie Mac keep writing checks to taxpayers, but it's not free money. 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