Moreover, it had the added benefit of operating at no financial cost or additional risk to taxpayers since the mortgages were already contingent liabilities of the Government of Canada.
In fact, the IMPP, which provided $69 billion in stable, long-term funding to lenders, has generated more than $1.6 billion in net revenues since its inception. By the time the program ends in 2014–2015, it will have generated an estimated $2.5 billion in net revenues that will benefit Canada’s budgetary balance.
On Oct 21, 2010 FHFA estimates revealed that the bailout of Freddie Mac and Fannie Mae will likely cost taxpayers $224–360 billion in total, with over $150 billion already provided.
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