To be called “the biggest disasters of all time” really takes some doing. But when JPMorgan chief executive Jamie Dimon thus described US government-sponsored mortgage companies Fannie Mae and Freddie Mac in his testimony to the Financial Crisis Inquiry Commission last October he was not accused of exaggeration.
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| total Federal funding for Fannie and Freddie to date |
The firms have soaked up more than $150 billion in federal aid so far and have been deserted by their senior management.
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