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Christmas Eve 2009 was a time to wrap gifts for loved-ones. That's how the Obama Administration felt about the financial industry when it lifted all caps in emergency bailout money to Fannie Mae and Freddie Mac. That means the taxpayer was on the hook for all losses at these two mortgage giants no matter how large the losses.


The move caused a slight stir, but never got the attention of the American public because the announcement was timed to coincide with the peak season of distraction. And so it was forgotten, but not by Fannie and Freddie.

U.S. Taxpayers on Hook for $5 Trillion of Fannie, Freddie Debt ... No Matter What Barney Frank Says