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TULSA – The former chief executive officer of Freddie Mac said he repeatedly told President Barack Obama’s administration he did not believe the $75 billion home modification loan program would help the housing bubble, but was continually rebuffed.
Meeting with current U.S. Treasury Secretary Tim Geithner, Moffett said he was told, “You now work for us. You’re going to take direction from us and do exactly what we ask you to do.”
He soon realized, he said, that that meant agreeing to policies and practices created not based on analysis, but instead on assumptions. The home modification loan program was one such instance, he said.
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