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Freddie Mac
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Corporation
    (1970- )
    Also known as Federal Home Loan Mortgage Corporation
    Headquartered in Tysons Quarter, VA
    Involved in financial services
    Government-sponsored public company until taken over by the government (September 8, 2008)
    They understated their earnings by $5 billion, one of the largest accounting errors in U.S. history that earned them a $125 million fine.
    They were fined $3.8 million for illegal campaign contributions, the largest FEC fine in history (2006).
    Many thought the government guaranteed their loans when in reality the government did not. But then the government ended up bailing them out anyway.
    They were aggressive in maintaining their status, threatening critical politicians with removal, rewarding the well-connected with jobs within the company and buying an enormous amount of lobbyists
    They delisted from the New York Stock Exchange.
    Their failure, along with the failure of Fannie Mae, cost the taxpayers an estimated $150 billion.
    They actively try to get people not to refinance as this would cost the company billions.
    Their purpose was to make home ownership more affordable.
    They were launched to so Fannie Mae would not function as a monopoly.

Credit: D & Captain Howdy


    For 2020, as of last week, Out of 1 Votes: 100% Annoying
    In 2018, Out of 27 Votes: 51.85% Annoying
    In 2018, Out of 15 Votes: 46.67% Annoying
    In 2017, Out of 14 Votes: 64.29% Annoying
    In 2016, Out of 2 Votes: 100% Annoying
    In 2015, Out of 17 Votes: 58.82% Annoying
    In 2014, Out of 21 Votes: 52.38% Annoying
    In 2013, Out of 25 Votes: 64.00% Annoying
    In 2012, Out of 48 Votes: 79.17% Annoying
 
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