With talk of shutting down Freddie Mac, there is a lot of pressure on their employees. The CEO has a lot on his plate, and that is not a position that I would want to be in. With 6,000 employees that is a lot of job loss, and the feeling that it gives Americans is one of uneasiness. Why? Because Freddie Mac has been blamed as a big cause of default in the mortgage industry. CEO, Charles Haldeman Jr. says that the true default rate of those mortgages funded by Freddie Mac is only 3.8%, which pales in comparison to the larger numbers flashed out there in the industry.
Has Freddie Mac Been Profitable?
Haldeman says that Freddie Mac was profitable in the third quarter, but it did play dividends on the money that it received from the government. This is referring to the bailout money which sent torrents of opinions and critical statements among Americans. So, while there is talk about shutting Freddie Mac down, it goes about its business each day, and everyone waits with anxiety about what is going to happen to their jobs. As always, I am still looking for the positive in all of this.
For more information on how to get your FHA loan today, you can go to my website at www.fhaloansnow.net, or you can call me at 310-498-2700.
-Mayer Dallal
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