The regulator for Freddie Mac spread the blame around, saying "a breakdown in integrity" at the mortgage buyer and an outside law firm lead to misleading the government in regards to its recent accounting woes, according to Reuters.
The Senators raised their loudest concerns yet regarding supervision of Freddie Mac on Thursday and some avidly endorsed U.S. Treasury oversight of the two companies, which, according to the Reuters report, "owned or had guaranteed 44% of the $6.7 trillion in U.S. mortgage debt as of late last year."
Freddie Mac and Fannie Mae are chartered by Congress and owned by shareholders. Their purpose is to help expand U.S. homeownership. To do this, the companies purchase mortgages from lenders and package them as securities or hold them in their portfolios.