The chief financial officer of mortgage giant Freddie Mac committed suicide today in his basement. The Obama Administration forced Freddie Mac to run up billions of dollars in losses to bail out mortgage borrowers, including irresponsible high-income households with modest mortgages.

Until last year, Freddie Mac was a GSE — a Government Sponsored Enterprise, an entity chartered and subsidized by the federal government, but owned by private shareholders. But the federal government seized direct control of Freddie Mac last year after it ran up big…

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Today, in addition to Treasury Secretary Henry Paulson’s expected announcement of a major mortgage modification plan through the $700 billion TARP, Barney Frank’s House Financial Services Committee is holding a hearing entitled “Private Sector Cooperation with Mortgage Modification.” However, despite the word “cooperation” in its title, it’s clear from letters Frank and others sent out that the hearing will be confrontational rather than cooperative. Specifically, Frank and some fellow committee members seek to villify investors in mortgage-backed secuties who assert…

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