Government takes another step toward ending its control of Fannie Mae and Freddie Mac
The exterior of The exterior of Fannie Mae?s headquarters in Washington, D.C. | Getty Images
The Federal Housing Finance Agency has told them to prepare for privatization The Federal Housing Finance Agency (FHFA), the regulator that?s overseen Fannie Mae and Freddie Mac since 2008, told the two mortgage facilitators on Monday to prepare for transition out of government control, the latest in a string of developments that push Fannie and Freddie toward being private companies again.
The FHFA gave the directive through its 2020 ?scorecard? for Fannie and Freddie, an annual document that outlines the FHFA?s goals for the two companies. Among the things the scorecard asks Freddie and Fannie to do is to prepare a roadmap toward the end of conservatorship, in consultation with the FHFA, Department of the Treasury, and the Department of Housing and Urban Development. The news comes a month after the Trump administration announced that Fannie and Freddie can keep their own profits for the first time since getting bailed out by the federal government during the financial crisis in 2008.
Previously, Fannie and Freddie funneled the vast majority of their profits to Treasury as a way of paying back the $191 billion bailout that kept the two companies afloat and put them under government control. They have since paid back the bailout money and contributed an additional $115 billion to Treasury?s coffers.
It?s the first big step toward releasing the two companies from government ...
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