Rescuing mortgage giants Fannie Mae and Freddie Mac could cost as much as $363 billion over the next three years, more than double the amount spent so far, the agency overseeing the troubled companies said Thursday.

Estimates by the Federal Housing Finance Agency show that Freddie and Fannie could end up costing taxpayers $221 billion to $363 billion through 2013, it said in a report (pdf file). The estimates were the first the agency has issued since the two mortgage giants were rescued by the federal government two years ago amid the mortgage meltdown in late 2008.

Though banks and automotive companies have also received bailout money to help them weather the financial crisis, funds provided to Freddie and Fannie are on track to be the largest to emerge from the crisis, The Associated Press reported.

The estimates aren't predictions, said the agency's Acting Director Edward J. DeMarco in a statement. Rather, he said, "These projections are intended to give policymakers and the public useful snapshots of potential outcomes for the taxpayer support of Fannie Mae and Freddie Mac."

The projections are primarily related to further losses in Fannie and Freddie's book of business prior to their rescue, the agency said.

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A reverse mortgage is a loan that enables senior homeowners, ages 62 and older to convert part of their home equity into tax-free income without having to sell their home, give up title to it, or make required monthly mortgage payments.

July 22 2013 at 2:02 PM Report abuse rate up rate down Reply

Dear Massachusetts Voter, Before you re-elect Barney Frank remember this number, 363 billion dollars. According to Barney everything was fine with Freddie and Fannie when asked his opinion. He severely criticized the regulators who spoke of severe problems if something was not done to correct the problems with these mortgage giants. Only in government can you screw up so bad and still blame someone else. You guys have a choice to do what is right this election,will you.

October 24 2010 at 2:06 PM Report abuse rate up rate down Reply

Who should be surprised by this information? I will be very surprised if this debacle doesn't end up costing the taxpayers far more than this amount. As long as the Democrat Party is in power it should not be at all surprising that the National debt and the annual deficit continues to grow at an exponential rate. If you care about your children and grand children, support candidates that want smaller government at all levels, Federal, state and local, rather than those that wish to continue to grow the government in costs and intrusions into our personal lives and decisions. The best way to help our country is to work hard and produce to the best of your ability and elect a government that will let you keep more of what you earn, instead of stealing it for themselves or some "moocher" that does not produce anything but more children and more crime.

October 24 2010 at 11:51 AM Report abuse rate up rate down Reply
2 replies to mbestfrnd's comment

reagan and the two bushes put 11 tril on the national debt not the dems. this is just more repubiCON crap. google it its a fact.

October 24 2010 at 7:20 PM Report abuse +1 rate up rate down Reply
1 reply to chr1stybar's comment
John Rush

Actually it was 10 trillion over 8 years, Obama's added 4.5 trillion in just 3 years and wants to spend more and tax more, I guess you feel your not paying enough already, in that case stick with the dems. Oh let's not forget the additional 500 billion or more we will be paying cause the dems wanted to give everyone a house! Government should get out of our lives, that can manage anything. If you want to get ahead in this country you need an education and get off your a..

August 07 2011 at 6:11 PM Report abuse rate up rate down

reagan and the two bushes put 11 tril on the national debt not the dems. this is just more repubiCON crap. google it its a fact.

October 24 2010 at 7:20 PM Report abuse rate up rate down Reply
Rap Scallion

Sooooo How much of that Zillion dollars did the Frank couple manage to put away for a rainey day???? You know the Barbney Frank couple, the two guys one in the House of Reps that got his lover an inside job and then proceeded to loot the piggy bank! Yeah those guys, you know the guy who told several Presidents that we had no worries about Fanny and Freddie, except for being a Zillion dollars in the red and sinking fast. Can you say Chris Dodd, the bailout King of the Senate, yeah he is Barneys friend too......He told the same story in the other side of the Capitol Circus building! Americans a just plain fools.......Ya get raped and robbed repeatedly and ya smile and like it!

October 24 2010 at 11:24 AM Report abuse +1 rate up rate down Reply

Eveboby is talking like the banks and the auto industry are the only ones ripping our taxes,but has anybody been in the hospital lately or better yet seen a doctor in one of those butcher medical clinics? they are ripping us up in parnership with the insurance companies and yet they say they are not making ends meet,but then at the same time are pushing citizens out of their homes so they can expand their clinics and have mash like care facilities where the patients most of the time come out sicker than they went in,and they can not figure out why these citizens rather die at home than put their family in hardship for the rest of their life.

October 24 2010 at 10:09 AM Report abuse rate up rate down Reply
1 reply to Barbara's comment
Rap Scallion

Barb don't worry......Obama care is coming and everyone will be getting eaqual substandard treatments at the Goverment owned Health Center! Everyone ecept the folks who passed the laws and don't use the system and have a much better care program paid for by you! Yeah those people who lied and robbed you blind until you can;t tell the difference! Just wait Barb change is coming!

October 24 2010 at 11:28 AM Report abuse rate up rate down Reply

The laws of this country has become a symbol of shame,it reward the thieves and the murderers when in reallity should put them to death like the countries we call barbarics.If they would be treated with the death penalty most of these problems probably would slw down they wold think twice before commiting the next one

October 24 2010 at 9:59 AM Report abuse +2 rate up rate down Reply
Hello MoM

Reports recently from some analysts believe that when its all said and done Fannie and Freddie will cost taxpayers $500 billion. $200-$300 billion is way too low. Stay tuned I guess we will find out in time.

October 24 2010 at 9:51 AM Report abuse +1 rate up rate down Reply

barney frank and dodd should be cellmates. these two are the ones resonsible for the fannie and freddie mess. this is where it all started and bought our whole financial structure down. barneys boyfriend made millions while we all lost half our 401k's. why do those in mass keep re-elected this fool? i escaped from mass because of him and others like him. wake up people for the sake of our children and grandchildren.

October 24 2010 at 8:14 AM Report abuse +3 rate up rate down Reply

Where are the thieves responsible for the mess they have created. White collar crime is just as bad as murder. They have stolen money from hard working people and living a lavish life while many people are suffering. Where are they?

October 23 2010 at 2:45 PM Report abuse +4 rate up rate down Reply
2 replies to jane's comment
Rap Scallion

Jane you can find tyhose criminals in the House and the Senate, of course a lot of them are retiring and running like hell! Lets see I believe it was Chris Dodd and his buddy Bawney Fwanks that BS the Amican public and presidents for yerars about the solvency of the Fanny and Freddie Government programs! Run Jane RUN!

October 24 2010 at 11:32 AM Report abuse +1 rate up rate down Reply

Freddie Mac & Fannie Mae Could ( Will ) Cost up to 363 Billion......That is a new estimate by a Federal agency. Probably the same agency that made the First Estimate....... So Lets make it 500 Billion to be on the safe side. So Basically We are talking about Geither and OUR Beloved know nothing President leaving Our Country so financially ruined We will never get out from under our debt load. Thanks ZERO We appreciate your sense of Humor when You say IF the Republicans win it will be bad for the American Consumer. You are a real HOOT !

October 23 2010 at 1:13 PM Report abuse +4 rate up rate down Reply
1 reply to itsboboh's comment

they are all crooks!

October 23 2010 at 7:48 PM Report abuse rate up rate down Reply