Government Bailout losses as low as 85 Billion

Administration trims bailout cost estimate to $87B

WASHINGTON (AP) -- Treasury Secretary Timothy Geithner is telling Congress that the administration believes the final cost of the government's heavily criticized financial bailout effort could be as low as $87 billion.
Geithner made the new estimate in a letter Friday to congressional leaders that was obtained by The Associated Press.
A year ago, officials were estimating the bailout could cost as much as $500 billion.
The new estimate said the biggest losses will occur from the government's support of mortgage companies Fannie Mae and Freddie Mac. That loss was put at $85 billion followed by a loss of $49 billion from providing help to homeowners facing the threat of losing their homes through foreclosures.

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This is actually very good news because 500 Billion was what was expected but because so many companies that have been bailed out have been able to pay the bailout back that really only Freddie Mac and Fannie Mae have left the taxpayers high and dry and owing about 85 to 87 billion Dollars. Considering just how bad it could have been this is very good news indeed.