Loss is the Boss

Fannie Mae and Freddie Mac bailout equaled $400 BILLION

Per the Washington Post, Fannie Mae said its losses during the second quarter of the year shrank dramatically and that it had set aside enough money to cover most of its future losses, reducing the need for infusions of taxpayer money.

Under a federal backstop for the firm put in place two years ago, Fannie Mae said it would need another $1.5 billion in government support as a result of losses in the second quarter.

This is supposed to be good news.