U.S. Treasury Secretary Steven Mnuchin said on Monday the Trump administration w...
WASHINGTON - U.S. Treasury Secretary Steven Mnuchin said on Monday the Trump administration would take administrative measures to overhaul mortgage giants Fannie Mae and Freddie Mac if it failed to secure congressional support for its plan within six months.
The Treasury is negotiating with the Federal Housing Finance Agency, which oversees the mortgage giants that were bailed out during the 2008 financial crisis, and hopes for a “near term” agreement allowing the two companies to retain their earnings, Mnuchin said in an interview with Fox Business Network.
“So our first choice is to work with Congress on a bipartisan basis, but if we can’t do that we’re perfectly comfortable moving for it on the administrative side and making the changes we need to do.” The Treasury said on Thursday the government should draw up a plan to begin recapitalizing Fannie Mae and Freddie Mac, while calling on Congress to draw up a comprehensive housing reform that would allow them to be safely freed from government control.
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