On Monday, a disturbing report came out on NPR’s “Morning Edition" that disclosed that Freddie Mac, a taxpayer-owed mortgage company, whose mission is “to expand opportunities for homeownership,” invested millions into mortgage securities that profited when homeowners were unable to refinance.
Freddie Mac CEO Charles Haldeman bet against homeowners such as Arturo de los Santos of Riverside, who last month launched a public campaign to save his home from unfair foreclosure by JP Morgan Chase and Freddie Mac. An ex-Marine, Arturo has lived in the home for about ten years with his wife and four kids. Last month, Art and his family took the courageous step of re-occupying their home after being foreclosed on and he is fighting to get Freddie Mac to negotiate a fair modification with a principal reduction.
Listen to the full story on the media player: