Freddie Mac was right on schedule yesterday with their request for $31 Billion dollars more in government handouts. When Obama introduced his budget plan not long ago, I said that it was a dishonest budget because it did not include annual funding for Fannie Mae or Freddie Mac. And I predicted that the U.S. government would soon give Fannie and Freddie a massive bailout and do so again in 2010 and 2011.
Freddie Mac received $13.8 Billion in bailout funds late last year. And today, they requested and will soon get $31 Billion more. The U.S. Treasury department not long ago estimated that they will have to hand over atleast $400Billion to Fannie and Freddie over the next 2 years. And now they predict that they will in the end need to give more than the $400 Billion figure of taxpayers money (borrowed from China) as both Fannie Mae and Freddie Mac continue to lose massive amounts of money.
