How Misleading Government Accounting Leaves Taxpayers on the Hook

“Profits paid to the Treasury in 2013 alone have resulted in federal spending and deficits being underreported by more than $100 billion,” Heritage Foundation expert Romina Boccia explains.
Since they were taken over by the federal government in 2008, Fannie and Freddie have paid more than $203 billion in profits to the U.S. Treasury — all of which is the Treasury is keeping off the federal budget.
The Treasury’s accounting methods distort Fannie and Freddie’s real costs. While these government-sponsored enterprises are sending cash to the Treasury, they’re also taking on huge liabilities that put future taxpayers at risk for a future bailout, as Boccia explains,
Tags: Fannie Mae, Freddie Mac, GSE, Federal budget, failing to consider GSE morgage guarantees, Romina Boccia, Heritage Foundation, Katie Nielsen. To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
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