Fannie Mae, Freddie Mac Not Profitable According To The CBO

That Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) and Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) are profitable has become one of the truisms of the debate over the future of the government sponsored enterprises, or whatever Federal agency replaces. But that narrative is based on Office of Management and Budget (OMB) accounting, the executive agency that helps the president prepare his budget. According to the Congressional Budget Office, Fannie Mae and Freddie Mac are actually losing money and will continue to be a drag on the budget for the next ten years, even though…