There have been a lot of numbers floating around the proposed bailout backstop for the government sponsored mortgage giants Fannie Mae and Freddie Mac. Today the Congressional Budget Office (CBO) weighed in with their report. The “good” news is that CBO Director Orzag thinks there is less than a 50% chance that the companies will need to tap the bailout. The “bad” news is that if they do, the CBO estimates that it will cost $25 billion. The “ugly” is that Congress is contemplating this in the first place.