The Future of the GSEs

November 24, 2008

Even in the current Era of Large Numbers, the third quarter 'earnings' reports for Fannie Mae and Freddie Mac were shockingly bad. The two firms combined have lost a total of $54.2 billion dollars. The bulk of the losses ($17 billion for Fannie alone) were attributable to writing-off deferred tax assets, but the GSEs also reported huge increases in 'credit-related expenses.'

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