How to Hide Billions in Taxpayer Money and Get Away With It

Spine-tingling TV shows and movies are always featuring spy capers that are “off-book.” Their existence is on a need-to-know basis, and sure, they’re being funded, but no one sees where that money’s going.

There’s a very real, very expensive—and a lot less thrilling—off-book operation going on in Washington.

The Treasury is keeping Fannie Mae and Freddie Mac, the taxpayer-backed loan guarantee giants, off the federal budget.

How is this possible?
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