Will Grigg's Liberty Minute

September 20, 2007

There are few if any problems that cannot be made much worse through the dubious blessing of government intervention.

For example: Thanks to the Federal Home Loan Mortgage Corporation, or Freddie Mac, thousands of homeowners who have made their mortgage and property tax payments on time may lose their homes anyway.

The mortgages were financed through American Home Mortgage Corporation, which filed for bankruptcy in August. Freddie Mac -- which worked with the company -- seized the files on some 4,547 mortgage loans, as well as $7 million in escrowed funds used for mortgage, insurance, and property tax payments. As a result, reported the Wall Street Journal, "Thousands of homeowners face an `imminent risk' of losing their homes" because property taxes are going unpaid.

Since Freddie Mac is deeply entangled in the mortgage industry nation-wide it's reasonable to expect that the predicament faced by those households is just a foretaste of sorrows to come.

Let us take back the liberty wherewith Christ has made us free.