U.S. makes $25 billion profit on mortgage securities

WASHINGTON – March 20, 2012 – The Obama administration announced Monday that taxpayers made $25 billion in profit on a program to keep mortgage interest rates down in the wake of the 2008 meltdown in financial markets.

Building on efforts that began under President George W. Bush, the Obama administration took a number of steps to keep the mortgage market operating after the real estate market crashed, including providing unlimited financial support to mortgage-finance giants Fannie Mae and Freddie Mac and buying $225 billion in securities backed by mortgage loans.

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