The U.S. Treasury gave all his titles tied to mortgages guaranteed by Fannie Mae and Freddie Mac that he had bought during the crisis, said Monday the agency .
The Treasury Department said in a statement that the state recovered 250,000 million dollars he spent on the operation and made a profit of 25,000 million for the resale of the securities.
“The success of the sale of these securities marks a new stage in the completion of the efforts deployed by the state in the urgency of combating the financial crisis,” the Treasury estimated in a statement. Fannie Mae and Freddie Mac were placed under state protection in September 2008 against the risk of collapse due to its heavy indebtedness.
The Federal Government granted an unlimited credit line to overcome the crisis and between 2008 and 2009 purchased a significant equity mortgage loans attached to allow you to continue to be funded and to support the housing market.
According to the Treasury, the cost of bailing out Fannie Mae and Freddie Mac stood at 151,000 million dollars to U.S. taxpayers before it was announced that the sale of the shares showed gains.
Public support for Fannie Mae and Freddie Mac was a pillar of the expansive policy of Washington to revive the economy. These two agencies own or guarantee more than 40% of home loans in the country.
Category: Business News