Page 4 - 389 Billion News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Billion dollars. cost to the taxpayer. >> over the next decade. >> before it's over. >> paul: that might be an underestimate. we have to take one more break. when we come back, our hits when we come back, our hits and misses of the week. [ female announcer ] "i heart dalmatians" made a cup of delicious starbucks via ready brew. she shared it with "i heart chihuahuas" and "i heart labs." she even shared it with "i heart cats." premium starbuck via ready brew. now available whever you buy groceries. ♪ now available whever you buy groceries. can you believe how fast kids grow these days? that's...

Cutting off their oxygen supply. housing is like an alternative industry for the democrats. you've got construction unions, you've got developers, you've got local housing authority. this is something they control. this is the source of patronage, a source of contribution and they simply are not going to kill it. >> on the other hand this mortgage, this foreclosure mitigation prevents the housing market from finding a bottom in some sense because it means that people are not-- they're anticipating the banks are anticipating that maybe some of the houses will be back on the market in six months...

More than 50%, end up redefaulting within about six months. jon: so people who have defaulted on their mortgage, they get some money from fannie mae or freddie mac, tax money, and then they default again. >> that's right. i'm afraid that's happening way too much, and about $7 and a half billion fannie mae said in the first quarter were of these additional costs. jon: but surely, paul, you're going to tell me that the ceiling is here and the money's going to -- >> i'd love to tell you that, jon, but the congressional budget office estimates that when, before it's all done they could cost us $38...

Without knowing the price monthly payment. that's the only way you know you can afford it shouldn't the government be the same way before it piles more debt on our credit card? with the new taxpayer calculator on foxnews.com, you can judge for yourself. let's take a look at that 389 billion-dollar bailout of fannie mae and freddie mac. first you type in your income. this case we will look at $50,000. the chart will show you what percentage of that is paid for by your tax bracket. then it shows how much you pay individually. in this particular case, making 50 grand, it will cost him $1,700. now...

It couldn't be on the way, sfrieth that a couldn't true. the -- it couldn't be true. it's largely behind us, right? >> the second depression largely due to recovery act is no longer a possibility. >> glenn: great. it was a close one. the bank around the corner is the least of our worries right now. how about fannie and freddie. over the next decade they're good for $389 billion in debt. you and i now are on the hook for total of 6.3 trillion dollars with fannie and freddie. fan an and freddie own or guarantee half of all residential mortgages in the