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The White House said Fannie Mae (FNM.N) (FNM.P) and Freddie Mac (FRE.N)(FRE.P) will tap a total of $188 billion in government funds by October 2011, up from the $111 billion they have already drawn. That does not count trillions in liabilities for the government-controlled firms.
Early last year, the administration said it would propose a new structure for the money-losing companies in President Barack Obama's fiscal 2011 budget plan, which was released on Monday.
But the budget blueprint devoted only one sentence to the future of the two government-sponsored enterprises, or GSEs:
"The administration continues to monitor the situation of the GSEs closely and will continue to provide updates on considerations for longer term reform ... as appropriate."
Housing and Urban Development Secretary Shaun Donovan told reporters a plan would be "forthcoming very shortly."
Fannie Mae and Freddie Mac, which play a role in funding three-quarters of all U.S. residential mortgages, came under government control in September 2008 when they received a massive bailout that gave the government a 79.9 percent stake.
Late last year, the administration extended an unlimited credit line to the two companies through the end of 2012. Previously, the credit was capped at $400 billion
Fannie, Freddie seen tapping more taxpayer funds
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