Freddie Mac Announces That It Will Cease Purchases of Interest Only Mortgages
http://freddiemac.com/news/archives/mbs/2010/20100226_initial_interest_mortgages.html
Fannie & Freddie are toxic disasters filled with clueless ACORN workers. They have played a LARGE part in wiping out the financial system.
I can’t believe they’re still buying these mortgages, now, or will continue to buy them through September. It’s ludicrous.
These type of mortgages should be against the law, and any bank stupid enough to make them, should fail so completely that there would be a crater in the ground from the fall.