Freddie Mac Bets Big Money Against American Homeowners

We just wanted to let everyone know how Freddie Mac believes in American homeowners. (Note heavy sarcasm)

We remind everyone with a short memory that Freddie Mac, along with its cousin Fannie Mae, received a huge bailout from our government in 2008. The American taxpayers now own both.

ProPublica and NPR discovered that Freddie Mac has wagered multibillion-dollar bets that pay off if homeowners remain stuck in pricey mortgages with interest rates well above current rates.

Click on the link to read the whole story:

http://www.propublica.org/article/freddy-mac-mortgage-eisinger-arnold

Considering that we taxpayers own Freddie and Fannie perhaps we need to do some housecleaning at those institutions. Or maybe we should put a few people in jail?

Advertisements

Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s