That's exactly what a recent investigation by a public media concern and an independent news organization revealed. An inquiry into the practices of mortgage loan GSEs conducted by the National Public Radio and independent journalism organization ProPublica has revealed that, on more than one occasion, Freddie Mac has engaged in profitable financial strategies that essentially amounted to betting against the possibility of American homeowners refinancing at lower rates. The multi-billion dollar trades involved financial instruments known as mortgage-backed securities, the same instruments that are believed to have been a major factor in precipitating the global financial crisis and the subprime mortgage meltdown in 2008. The U.S. government eventually placed both home mortgage GSEs under conservatorship, and thus Fannie and Freddie are now owned by taxpayers. The trades in question are lucrative and legal, but nonetheless controversial.