Freddie Not Purchasing IOs Anymore, But What Took You So Long?
March 3, 2010
Freddie Mac announced last week that, as of September, it will stop its support of interest-only mortgage products, which didn’t surprise observers who have seen the GSE’s stake in such products plummet. To them, the real surprise is, what took you so long? “On or about Sept. 1, 2010, the company will cease purchasing and securitizing interest-only mortgages, including Freddie Mac Initial Interest...