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$12 billion (http://online.wsj.com/article/SB10001424052748704156304576003884177348202.html). Not a bad recoup.

Hi Booferama:

I did not read the article yet but does this include the mortgages that were taken in by the Government agency at 100 cents on the dollar that are yet to be unwound and will only make a profit if we reach home prices equivalent to those seen in early 2007?

Just like GM’s bailout or Chrysler’s or even AIG’s. There is a lot of funny money being paid so these entities can show profits when in fact the bad debt was taken in by the government at full market value.

TIA

Wayne