Had they done this last year, we'd all be in better shape.
* * * * * J B K * * * * *
San Francisco
WASHINGTON — Government controlled mortgage finance company Freddie Mac said Wednesday it will buy back an unspecified amount of troubled loans contained in securities it has already sold to investors.
The McLean, Va.-based company said Wednesday it would repurchase mortgage loans in which borrowers have missed at least four months of payments. It did not disclose how much it would spend.
Freddie Mac guarantees the mortgage securities it sells. The company said buying the delinquent loans back would cost less than making those guarantee payments.
http://www.google.com/hostednews/ap/article/ALeqM5ijIi6w5NvMhRea2ZM1Ll7NdpryNQD9DPD2QG0
