4 Big Mortgage Backers Swim in Ocean of Debt – NYTimes.com

4 Big Mortgage Backers Swim in Ocean of Debt – NYTimes.com.

Even as the biggest banks repay their government debt in what is being heralded as a successful rescue program, four troubled giants of the financial world remain on government life support.

These companies, the American International Group, Fannie Mae, Freddie Mac and GMAC, are not only unable to repay the government, they are in need of continuing infusions that make them look increasingly like long-term wards of the state.

Things will not be getting better anytime soon.

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