We Are From The Government...


Posted on : 2/02/2012 07:00:00 AM | By : Dann | In : , ,

...and we are here to screw you over!

At least, that seems to be the case when Freddie Mac, a wholly owned subsidiary of Uncle Sugar chartered to improve the opportunities for people to buy homes, decides to invest in complex derivatives that would pay Freddie Mac more if homeowners were unable to refinance at lower interest rates.

Stop and think about that for a second.  The people that run Freddie Mac make millions of dollars.  Their Congressional chartered organization is supposed to improve accessibility to market rate mortgages.  They then take the investment position that pays more money to Freddie Mac (and thus the Freddie Mac executives) if people are not able to refinance their homes from higher interest rates into the much lower current market rates.

Conflict of interest?  Anyone?  Bueller?

Any folks wonder why I distrust the government and want it reduced in size and scope.

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