The US Treasury is forecasting a profit of almost $24bn for the government programmes used to fight the financial crisis, a positive outcome for despised bail-outs that were once estimated to cost hundreds of billions of dollars.
Internal Treasury calculations show the department expects that its joint efforts with the Federal Reserve to shore up the financial system in the past three years will yield a $23.6bn profit.
The estimate includes a $110bn profit from the Fed’s programmes, including its scheme to buy more than $1,000bn of mortgage-backed securities, offsetting a $73bn loss on payments to Fannie Mae and Freddie Mac, the mortgage guarantors.
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