Geithner: Taxpayers Are Likely to Face "Very Substantial" Losses From Government's Takeover of Fannie and Freddie

Tim Geithner told the House Financial Services Committee today that txpayers are likely to face "very substantial" losses from the government's takeover of home mortgage giants Fannie Mae and Freddie Mac.

As Shahien Nasiripour notes:

Taxpayers have pumped more than $125 billion into the failed firms -- and on the hook for many more after the administration promised an unlimited source of funds just before Christmas to backstop their growing losses.

And as Nasiripour points out, Geithner has absolutely no idea how to fix Fannie or Freddie.

Heck of a job, Timmy.

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