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Mortgage broker Freddie Mac named Donald Layton as its new chief executive officer. Layton worked for JPMorgan Chase for nearly 30 years before retiring in 2004.
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Some economists say the government-run enterprises should be allowed to help distressed homeowners by lowering their loan principals to reflect today's lower values. But critics of the move say it would cost taxpayers money and encourage strategic defaults.
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Fannie Mae and Freddie Mac have concluded that giving homeowners a big break on their mortgages would make good financial sense in many cases, NPR and ProPublica have learned.
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It's still likely the government will see significant losses stemming from the bailout effort.
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The nation's five largest mortgage lenders recently pledged to start writing down the principal on mortgages that are underwater. But mortgage giants Fannie Mae and Freddie Mac aren't part of the agreement and don't plan any big changes in the way they do loan modifications.
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A federal watchdog confirmed it is looking into Freddie Mac investments that act as bets against homeowners being able to refinance. In addition, U.S. senators are expected to probe Freddie Mac's investment practice at a hearing on Capitol Hill on Thursday.
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Sen. Robert Casey, D-Pa., today sent a series of questions to Freddie's regulator, highlighting how much remains unknown about the mortgage giant's controversial bets against American homeowners.
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Two senators who have taken the lead on legislation aimed to help homeowners refinance are blunt about how concerned they are by the news NPR reported about Freddie Mac's "multibillion-dollar bets against American homeowners being able to refinance."
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Freddie Mac last month said it would stop making risky bets against homeowners after concerns were raised by its regulator, the Federal Housing Finance Agency. The statement by the FHFA was issued in response to an investigation by NPR and ProPublica that disclosed how Freddie Mac bought billions of dollars in securities that turned a profit if homeowners remained stuck in high rate mortgages. The White House said the Treasury Department is looking into Freddie Mac's investments. Steve Inskeep talks with NPR's Chris Arnold and Jesse Eisinger of ProPublica about their report.
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Lawmakers and prominent economists on Monday called for changes at the taxpayer-owned mortgage company after NPR, in partnership with ProPublica, revealed that Freddie Mac has placed multibillion-dollar bets against American homeowners.