Credit unions were among the groups that came out against last week's attempt to add the reform of Fannie Mae and Freddie Mac to the financial regulatory reform package in the U.S. Senate.
Government-owned Fannie Mae and Freddie Mac have received over $137 billion from the Treasury since they were seized and put them into conservatorship in August 2008. In addition, Fannie Mae has requested another $8.4 billion in federal aid.
The bailout money covered losses on mortgages that the two GSEs bought or guaranteed during the housing boom and has allowed them to continue buying loans. But it also made them targets for public anger and demands that Congress do something to get at least some of the taxpayers money back and prevent another bailout.
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