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Betting against the People

Freddie Mac Bets against Mortgages They were Commissioned to Issue

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The Oblivious Political Mainstream

In the wake of the subprime mortage crisis, Mitt Romney claimed that the banks weren't "bad people."

As homeowners across the country struggle and struggled with foreclosure, Freddie Mac made multibillion-dollar investments that profited if homeowners stayed stuck in high-interest mortgages. Starting in 2010 Freddie Mac took risky slices of mortgage arrangements, knowing they would lose money if people could actually refinance their homes.

Experts called for Congress to do something, but of course they won't as the mortgage interests are their paymasters.

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