Friday, September 24, 2010

The Administration and members of Congress seem to prefer not to face the market risks of mortgage legislation

At least CBO Director Douglas Elmendorf seems to be educating them, and properly accounting for these risks, namely $53 billion in costs to the taxpayers for loan guarantees issued by Fannie Mae and Freddie Mac this year.

He points out that Congress' methods of accounting show a profit to the taxpayers of $44 billion, and the Obama Administration's figures predict an $8 billion profit.

There the government goes again, trying to hide the true costs of its activities.

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