Fannie Mae: 100 Billion Not Enough

What a surprise. (h/t Calculated Risk) Not. What I wrote July 23rd:

So, the first "estimates" on the cost of the Fannie and Freddie bailout are out. The high end number being talked up is 100 billion. The cost will be higher than that in the end, guaranteed

My estimate, from March, was that the eventual cost would be at least 500 billion. We’re on our way. Remember, as the housing market gets worse, so does Fannie and Freddie’s condition, and in any case, I would be horribly surprised if they hadn’t been understating losses already, both deliberately and because they really have no clue, being incompetently managed and audited.

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