Cost of Fannie, Freddie bailout might hit $685B.
Initially projected two years ago to cost taxpayers $200B, the bailout of Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) could reach $685B, according to a new S&P estimate.
Fannie and Freddie have already cost taxpayers nearly $134 billion, but S&P analysts said Thursday that the government could ultimately be forced to inject $280 billion into the firms because of a slowdown in the housing market.
Creating the companies to take the place of the two fallen mortgage giants will likely cost taxpayers another $400B in capital. S&P analysts wrote that addressing the firms' problems "is likely to be an expensive repair job for U.S. taxpayers."
Since 12/31/98 "Kirk's Newsletter Explore Portfolio" is UP 187% (a double plus another 87%!!) vs. the S&P500 UP only 21% vs. NASDAQ UP a only 18% (All through 11/4/10)
In 2009, "Kirk's Newsletter Explore Portfolio" gained 33.5% vs. the DJIA up 18.8%
2010 YTD the "Explore Portfolio" is up 10.5% YTD
2010 YTD the "Explore Portfolio" is up 10.5% YTD
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