Fannie, Freddie to cost US $300bn: ex-Fed's Poole

William Poole, a former president of the St Louis Federal Reserve, has said that saving Fannie Mae and Freddie Mac will cost the taxpayer $300 billion.

"I would not be surprised if their total losses aggregate about 5% of their obligations," Poole told Bloomberg, a media agency, on Sunday. "Five percent does not seem to me to be an outrageous guess." Bloomberg puts the enterprises' obligations at about $6 trillion.

The US Treasury announced a takeover of the two companies on Sunday, a move Poole

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