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Goldman Sachs and Fannie's Tax Breaks
This NYT article notes that the proposal to have Fannie Mae sells its housing tax credits to Goldman Sachs is a loser for the Treasury. The article would have benefited from one additional sentence pointing out that Goldman's claim that buying the tax credit will help the low-income housing market is therefore bogus, because the government could help the market at lower cost by providing the money directly to Fannie and Freddie.
--Dean Baker
COMMENTS (4)
Would it make sense for Fannie Mae to sell the credits back to the government at 100% thus realizing full value while the government spends EXACTLY the same amount of money as if GS bought them at a discount and utilized them at full value, or is there a timing difference? Or would this be seen as favoritism to Fannie the former GSponsoredE now GOwnedE
Or is there simply a political desire to help GS by allowing them to buy the credits at a discount and utilize them at full value?
But then I'n neither a economist nor a politician -- nor an investment banker for than matter.
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Would it make sense for Fannie Mae to sell the credits back to the government at 100%.weight loss tips
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