It is easy to argue, post real estate bubble, and all the stupidity and excesses revealed in its aftermath, that lending standards should be tighter. But... well...

[P]ublic documents show that in 2010 and 2011, Freddie Mac set out to make gains for its own investment portfolio by using complex mortgage securities that brought in more money for Freddie Mac when homeowners in higher interest-rate loans were unable to qualify for a refinancing.

Those trades "put them squarely against the homeowner," PIMCO's Simon says.

Freddie Mac's trades came at a time when mortgage rates were falling to record lows. Millions of homeowners wish they could refinance, but their lenders tell them they can't qualify for today's low rates because of tight rules. Freddie Mac is one of the gatekeepers with the power to set those rules, and lately, it has been saying no more often to homeowners.

So there you have it. Freddie Mac, whose partial mission is to "expand opportunities for homeownership," is making money by betting against high-interest rate homeowners being able to refinance at lower rates, at the same time it is making it more difficult for these homeowners to do so.

And you wonder why so many middle class Americans believe the system is stacked against them?