When the credit crisis hit in 2007/2008 the biggest mortgage lenders in the U.S., Fannie Mae and Freddie Mac, suddenly became too big to fail and were taken over by the U.S. government.  The move had U.S. taxpayers providing the mortgage giants with almost consistent quarterly bailouts.

Now Standard & Poor’s has downgraded their credit rating, from triple A, to double A+.  ‘Bout time!

The two mortgage companies, along with a third called Ginnie Mae, guarantee 80% of the mortgages in the United States.  Fannie and Freddie have received $141 billion in taxpayer bailouts, so far.

Standard & Poor’s is also downgrading U.S. Federal Home Loan banks.  Federal Home Loan banks support consumer credit by providing money to other banks, in the form of bank to bank loans.