Hmm. Most sources say $100 billion each.
Except this one.
The more realistic scenario is actually worse. Fannie and Freddie own and guarantee a total of more than $5 trillion in mortgages.
Given the long-run historically plausible equilibrium values of residential real estate as embodied in the Case-Shiller Index, that means that the taxpayer loss definitely reaches $1.3 trillion, easily ranging up to $1.6 trillion.
Unfortunately, that is the good news. The bad news is that if real-estate prices were to replicate the Great Depression ....the loss to the taxpayers could exceed $2.5 trillion dollars.
And, in regards to the topic, I guess all's fair in politics.
See you in the soup line.