During the height of the crash in 2008 I was totally puzzled. I told many friends "this does not make sense, I have lived and worked in the US and these people are just not going to renege on their home mortgages". This report from WSJ shows that in fact the US Government who bought them made a profit as the ordinary people of America paid their dues!
Taxpayers will have made a $25 billion profit on mortgage bonds purchased at the height of the meltdown, the Wall Street Journal reported.
Treasury had spent about $225 billion on purchases of mortgage debt over 16 months before it began selling the securities last year, the Journal said. The government last week sold the last of the bonds, liquidating the Treasury's ownership of debt backed by Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), the newspaper said. The Treasury Department may announce on Monday that taxpayers have made a $25 billion profit on mortgage bonds purchased at the height of the meltdown, the Wall Street Journal reported.
Taxpayers will have made a $25 billion profit on mortgage bonds purchased at the height of the meltdown, the Wall Street Journal reported.
Treasury had spent about $225 billion on purchases of mortgage debt over 16 months before it began selling the securities last year, the Journal said. The government last week sold the last of the bonds, liquidating the Treasury's ownership of debt backed by Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), the newspaper said. The Treasury Department may announce on Monday that taxpayers have made a $25 billion profit on mortgage bonds purchased at the height of the meltdown, the Wall Street Journal reported.
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