President Trump said freeing Fannie Mae and Freddie Mac from government control is a “pretty urgent problem” that his administration plans to work with Congress to address.
Trump, speaking Friday at a conference hosted by the National Assn. of Realtors, said that the mortgage giants lack competition, that taxpayers remain on the hook for any losses at the companies and that they aren’t being run as well as they could be. He added that his administration is discussing ideas for fixing Fannie and Freddie with “some incredible talent from Wall Street.
What to do with Fannie and Freddie, which backstop about $5 trillion of mortgage securities, is the main unresolved issue from the financial crisis more than a decade ago. The companies were taken over in 2008 as the housing market cratered and were sustained by a taxpayer bailout. They have since returned to profitability and paid dividends to the Treasury totaling $105 billion more than they received.
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