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  • U.S. Move to Cover Fannie, Freddie Losses Stirs Controversy (Nothing to see here, move along.)

    12/26/2009 7:36:16 AM PST · by Renkluaf · 2 replies · 585+ views
    The Wall Street Journal ^ | 12/26/09 | JAMES R. HAGERTY & JESSICA HOLZER
    The Obama administration's decision to cover an unlimited amount of losses at the mortgage-finance giants Fannie Mae and Freddie Mac over the next three years stirred controversy over the holiday. The Treasury announced Thursday it was removing the caps that limited the amount of available capital to the companies to $200 billion each. Unlimited access to bailout funds through 2012 was "necessary for preserving the continued strength and stability of the mortgage market," the Treasury said. Fannie and Freddie purchase or guarantee most U.S. home mortgages and have run up huge losses stemming from the worst wave of defaults since...