Fannie Mae and Freddie Mac will take an increasingly smaller share of the budgetary pie, according to the latest CBO report.

The Congressional Budget Office (CBO) has dramatically reduced the projected costs of Fannie Mae and Freddie Mac to taxpayers in its latest estimations.

According to a HousingWire piece on the latest CBO Budget and Economic Outlook report, taxpayers can expect to spend another $27 billion between 2013 and 2022 shoring up the two GSEs, a $35 billion decrease from the CBO’s original projection of $62 billion.

The reason for the decrease, the CBO stated, was the increased fees Fannie and Freddie will be collecting as a result of December’s payroll tax cut bill, which funded a temporary extension of the tax cut by increasing insurance fees charged by the GSEs. Though fiscally sound, the measure – which will go into effect on April 1 – came under intense fire from real estate professionals, who alleged that the fee hike would rate interest rates by as much as 25 basis points.

The GSEs were granted $5 billion in funds in 2011 and $7 billion is expected for 2012, and because of the fee hikes, payments will decline further in the next decade to $2 and $3 million a year. In total, the Treasury Department has paid out $183 billion of bailouts funds, $32 billion of which has been paid back by the firms.

“Recent legislation set new fees for loans guaranteed by those entities, which CBO expects will reduce future subsidy costs,” the CBO stated in its report. “For that reason, as well as the expected stabilization of housing markets over the next several years, CBO anticipates that subsidy costs for new loans and guarantees will decline after 2012.”