Freddie Mac-No Politics (FMCC)

[KELLYCO]

To be more specific,mortgage backed securities are equities that are supposed to be backed up with mortgage notes and deeds.
But what had happened is the majority of them missing the notes and the proper deeds never recorded.
To further complicate the matter the notes were destroyed in many cases.
Basically once the mortgages were supposed to be securitized;Fannie,Freddie and everyone else along the chain did not care because they were selling and reselling.
The banks had their piece of the action secured by a pooling and service agreement.