1.0CLP Bloghttps://clpblog.citizen.orgBrian Wolfmanrich600338<blockquote class="wp-embedded-content" data-secret="TCe0AKJ58D"><a href="https://clpblog.citizen.org/propublica-report-freddie-mac-wouldnt-refinance-mortgages-and-prevent-foreclosures-why-it-wanted-to/">ProPublica Article: Freddie Mac Wouldn’t Refinance Mortgages and Prevent Foreclosures. Why? It Wanted to Keep Its Profits High and Did Not Want to Stimulate the Economy.</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://clpblog.citizen.org/propublica-report-freddie-mac-wouldnt-refinance-mortgages-and-prevent-foreclosures-why-it-wanted-to/embed/#?secret=TCe0AKJ58D" width="600" height="338" title="“ProPublica Article: Freddie Mac Wouldn’t Refinance Mortgages and Prevent Foreclosures. Why? It Wanted to Keep Its Profits High and Did Not Want to Stimulate the Economy.” — CLP Blog" data-secret="TCe0AKJ58D" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script type="text/javascript"> /* <![CDATA[ */ /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); /* ]]> */ </script> This ProPublica article by Jesse Eisinger explains that, during the depths of the Great Recession, Freddie Mac would not lower consumers' interest rates because it wanted to keep its profits high. Here's an excerpt: Freddie Mac, the taxpayer-owned mortgage giant, made it harder for millions of Americans to refinance their high-interest-rate mortgages for fear it [...]