If you’re looking to buy a home, most people go to their bank. But if you’re looking to buy $800 million worth of homes, where do you go? Freddie Mac. Backstopped by the government, Freddie Mac is a clearinghouse of sorts for mortgages. It also played a key role in the 2008 financial crisis, and as a result, it has been under government supervision ever since.
In 2019, Freddie granted an unusually large loan, with unusually good terms, to Kushner Companies, which has close ties to the White House. At the center of this deal is a meeting where Nicole Kushner Meyer, sister to the president’s son-in-law and top White House adviser Jared Kushner, met with Freddie Mac officials.
We don’t know what was said in the meeting. But Meyer has a track record of attempting to use her brother’s name in business settings. We also know that if Kushner Companies defaults on this loan, American taxpayers will foot the majority of the bill.
Of course, if Kushner had fully divested from his family company, this would be less of an ethical conundrum. This is the story of a deal, and a meeting, and what happens when family business and government collide. Listen to the episode in your podcasting app. |
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