Can We Afford to Rescue Fannie Mae and Freddie Mac?

Fannie Mae and Freddie Mac were established to promote the American dream of home-ownership, by subsidizing mortgages backed by the federal government. When the housing bubble burst two years ago their risky loans left taxpayers on the hook for nearly a half-trillion dollars. The New York Times reports that in the first three months of this year, they took over a foreclosed home every 90 seconds, and they now own more homes than there are in the city of Seattle