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Taxpayer-Funded Freddie Mac Caught Betting Billions Against Struggling American Homeowners

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Published on Jan 31, 2012

democracynow.org - As homeowners across the nation struggle to keep up with mortgage payments — and in the worse cases face foreclosure — a new investigation reveals that taxpayer-owned mortgage giant, Freddie Mac, made multi-billion-dollar investments that profited if borrowers stayed stuck in high-interest mortgages. Freddie Mac began increasing these investments dramatically in late 2010, at the same time it was making it harder for homeowners to get out of such mortgages. Several U.S. lawmakers and prominent economists are now calling for Congress and the White House to end this financial conflict of interest. This comes just one week after President Obama promised "no more red tape" for homeowners looking to refinance. We speak with Jesse Eisinger, a Pulitzer Prize-winning senior reporter at ProPublica, who co-authored the investigative report with NPR news.

To watch the complete daily, independent news hour, read the transcript, download the podcast, and for the additional Democracy Now! reports on Freddie Mac and the U.S. recession, visit http://www.democracynow.org.

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