Freddie Mac reminds us to check our websites
In a rather embarrassing episode of Freddie Mac’s history, we all can learn a little about checking our websites. Freddie Mac finally fixed an online calculator that’s supposed to help people choose between renting and buying a home. Until now, the calculator had a fundamental (and revealing) flaw: It assumed home prices could never fall. Jacob Kosoff, an economist who was responsible for the calculator when he worked at Freddie Mac apologized. “I’m sorry that I didn’t send an e-mail or work a little harder to get that fixed so the calculator can allow for the possibility of reality,” The reality that housing prices sometimes decline. [...]