Mortgage heavyweights Fannie Mae and Freddie Mac have announced a bailout program for struggling homeowners who are current on their payments. If there's a pressing need to leave their property, they can just walk away.
A government watchdog released a report this morning that scrutinizes the pay of senior staffers at Freddie Mac and Fannie Mae. The report is from the inspector general of the Federal Housing Finance Agency, which oversees Fannie and Freddie.
The Justice Department says Countrywide Financial -- which B of A bought in 2008 -- cranked out bad home loans without proper checks to make sure they were legit, and then sold those mortgages to Fannie Mae and Freddie Mac.
The home lender Countrywide gave preferential treatment to members of Congress, their staffs and employees of Fannie Mae in order to win influence in government, according to a long-awaited review by a House committee.