True Cost of Fannie, Freddie Bailouts: $317 Billion, CBO Says

``In a report delivered to the House Budget Committee on June 2, the CBO said a "fair value" accounting of guaranteeing the two defunct mortgage companies -- known as Government Sponsored Enterprises (GSEs) -- was more than twice as high as the Office of Management and Budget had accounted for... Essentially, the CBO is accounting for the cost of the federal government guaranteeing the loans bought and securitized by the GSEs... The CBO says that even though the government can print money -- technically by issuing Treasury bonds -- this merely transfers the risk to the taxpayer, who will eventually have to pay off the bonds issued by the government''