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NEW YORK - The government has handed its ATM card to beleaguered mortgage giants Fannie Mae and Freddie Mac.

 

The Treasury Department said Thursday it removed the US$400-billion financial cap on the money it will provide to keep the companies afloat. Already, taxpayers have shelled out $111 billion to the pair, and a senior Treasury official said losses are not expected to exceed the government’s estimate this summer of $170 billion over 10 years.   more…

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