Freddie Mac Loan Deal Defective, Report Says

Freddie Mac Loan Deal Defective, Report Says

Freddie Mac used a flawed analysis when it accepted $1.35 billion from Bank of America to settle claims that the bank misled it about loans purchased during the mortgage boom, according to an oversight report scheduled for release on Tuesday.

The faulty methodology significantly increased the probable losses in Freddie Mac’s portfolio of loans, according to the report, prepared by the inspector general of the Federal Housing Finance Agency, which oversees the company. Freddie Mac and Fannie Mae were taken over by the government in 2008 so additional losses would be shouldered by taxpayers.

The report also noted that the settlement with Bank of America in December was completed over the objections of a senior examiner at the agency. Freddie Mac officials did not want to jeopardize the company’s relationship with Bank of America, from which it continues to buy loans, the report concluded.

Read the rest from the NY Times here…

~

4closureFraud.org

~

Evaluation of the Federal Housing Finance Agency’s Oversight of Freddie Mac’s Repurchase Settlement with Bank of America

Comments
4 Responses to “Freddie Mac Loan Deal Defective, Report Says”
  1. foreclosureweary says:

    BOA stole our house and reconveyed to Freddie Mac same day–Thieves All–

    • lvent says:

      foreclosureweary, Dirty rotten NWO order owned bastards all of them!……Bloomberg reported that the biggest bondholder in the GSE’s is none other than the IMF…who are owned by the World Bank…who are owned by the SMOM/VATICAN/JESUITS A/K/A THE NWO…..Bof A is really Bank of Italy…The World Bank owns all of the FDIC insured banks…

  2. Nearly Explosive says:

    Freddie Mac is defective, as a conduit an enabler of fraud! Read Gretchen’s reasonable expose of the looting at Fannie – they knew what they were doing. Hell, there is enough housing for everyone who needs it in the USA!!
    Never give up.

    • lvent says:

      So you mean Gretchen Morgensen? She and Josh Rosner wrote a tell all book and named names of the GSE’s….Oh yeah they knew exactly what they were doing….This was another Hitler Plan by the ruling elite…they though we would all believe the lies that we created this unsustainable debt when it was really their perps on Wall Street who were allowed to create the 140 trillion in collateral fraud…..and it is WALL STREETS bill, not ours…WE THE PEOPLE had nothing to do with what they did…..at all..!!!! It was intentional and manufactured by the SMOM/VATICAN/JESUITS…AKA THE UN/NWO..

Leave a Reply