US Bail Out Now Stands at 3.7 Trillion…and mounting
(July 21st, 2010 under Economic News , Real Estate Industry , US Economy )The cost of the US bail out was 700 billion in the last year and overall the cost totals some 3.7 trillion of taxpayer dollars according to the Special Inspector General for the Troubled Asset Relief Program. He stated that: “the increase was due largely to the government’s pledges to supply capital to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) and to guarantee more mortgages to the support the housing market.” Moreover, He also criticized the lack of transparency and the lack of obtaining Congressional approval for a large part of the cost of the bail out program.
Here is a link: http://www.reuters.com/article/idUSN2010140720100721
Michael
This entry was posted on Wednesday, July 21st, 2010 at 10:28 am and is filed under Economic News , Real Estate Industry , US Economy .
