Farm subsidies, Medicare payments, and now government-backed loans: is there any federal program the Bachmann family hasn’t allegedly benefited from? The latest revelation concerns Rep. Michele Bachmann’s (R-MN) house, which appears to have been financed with a loan from Fannie Mae or Freddie Mac, the two federal mortgage firms that Bachmann has called on Congress to dismantle.
Bachmann took out a $417,000 loan in 2008 — the exact maximum for a Fannie/Freddie mortgage in her region at the time — and the Washington Post reports that it appeared to have originated with one of the two lending agencies. Bachmann, who often compares her support for immediately erasing the deficit to balancing the family budget, also took on took on another $249,999 line of credit to help pay for the house.
The Minneosta Congresswoman has been a frequent critic of the two lending giants, which she blames for helping spark the financial crisis in 2008, and espoused a broader disdain for federal aid in general. According to the Post, Bachmann secured her loan only weeks before calling for an end to Fannie and Freddie in a Congressiona hearing.
