The government-sponsored enterprises are leaving billions on the table by not going after deadbeat borrowers who may have the wherewithal to make good on their mortgages but failed to do so.

Freddie Mac is the biggest culprit, according to a scathing report from the Federal Housing Finance Agency's Office of the Inspector General, which found that the company missed out on collecting as much as $4.6 billion in deficiency judgments from borrowers who might have had the ability to pay but didn't.

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