Good News: True Cost of Fannie, Freddie Bailouts: $317 Billion, More than TWICE What Obama Claims

Once again the regime is caught in a lie. Obama claimed that the Freddie, Fannie bailouts cost us half of of what it really did. From CNS News: True Cost of Fannie, Freddie Bailouts: $317 Billion, CBO Says

The Congressional Budget Office (CBO) says the real cost of the federal government guaranteeing the business of failed mortgage giants Fannie Mae and Freddie Mac is $317 billion -- not the $130 billion normally claimed by the Obama administration.

In a report delivered to the House Budget Committee on June 2, the CBO said a “fair value” accounting of guaranteeing the two defunct mortgage companies – known as Government Sponsored Enterprises (GSEs) – was more than twice as high as the Office of Management and Budget had accounted for.

...“In contrast, the Administration’s Office of Management and Budget continues to treat Fannie Mae and Freddie Mac as nongovernmental entities for budgetary purposes, and thus outside the budget,” the report stated. “It records as outlays the amount of the net cash payments provided by the Treasury to the GSEs.”

In the financial reform boondoggle, Democrats didn't touch either Fannie or Freddie, both Democrat inventions that led to the mortgage meltdown. In that regard, a relevant flashback: Video: CNBC’s Rick Santelli Rips Democrat For Ignoring Fannie/Freddie Reform

It’s too complicated? You think taxpayers that go to work to pay the money you are subsidizing, it will end up a half a trillion, do you think they think complicated is an excuse?