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Tagged: Freddie Mac

Your Money
5:01 am
Mon January 30, 2012

Freddie Mac Betting Against Struggling Homeowners

Next imagePrevious image
Credit Rich Pedroncelli / AP
One of Freddie Mac's restrictions blocks people who have a short sale in their past from refinancing for two to four years following the short sale.
Credit Joe Raedle / Getty Images
In West Palm Beach, Fla., homeowners lined up for the 2010 "Save the Dream" tour, hoping to restructure their mortgage loans.
Credit Chris Arnold / NPR
If Jay and Bonnie Silverstein were able to refinance their mortgage, they could save nearly $500 a month.
Credit Pablo Martinez Monsivais / AP
Freddie Mac has invested billions of dollars betting that U.S. homeowners won't be able to refinance their mortgages at today's lower rates, according to an investigation by NPR and ProPublica, an independent, nonprofit newsroom.
Credit Chip Somodevilla / Getty Images
In December, Freddie Mac CEO Charles Haldeman (left), FHFA Acting Director Edward DeMarco (center) and Fannie Mae CEO Michael Williams testified about the FHFA's performance to the House Financial Services subcommittee.
Credit Joe Raedle / Getty Images
In the summer of 2010, long lines of hopeful homeowners waited for help from the Neighborhood Assistance Corporation of America's "Save the Dream" tour. The tour made stops around the U.S., offering assistance from hundreds of mortgage counselors from various mortgage companies.
Credit Brendan Smialowski / Getty Images
"I'm sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low rates," Obama said during his State of the Union speech last week. "No more red tape. No more runaround from the banks."
Credit Chris Arnold / NPR
The Silversteins had trouble selling this house after they moved out, forcing them to carry two mortgages for more than two years. "It just drained us," says Jay Silverstein.
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Freddie Mac, a taxpayer-owned mortgage company, is supposed to make homeownership easier. One thing that makes owning a home more affordable is getting a cheaper mortgage.

But Freddie Mac has invested billions of dollars betting that U.S. homeowners won't be able to refinance their mortgages at today's lower rates, according to an investigation by NPR and ProPublica, an independent, nonprofit newsroom.

Read more