The Trump administration proposed sweeping changes to the U.S. housing finance system today that includes a plan to release Fannie Mae and Freddie Mac from government control
The Trump administration proposed sweeping changes to the U.S. housing finance system on Thursday, including a plan to release from government control the two companies behind about half of the country’s mortgages.would scale back the federal government’s dominant role in housing — a move that could rattle the $11 trillion mortgage market heading into an election year, even as concerns rise about a looming recession.
“While Treasury prefers legislation, further reform should not and need not wait on Congress,” a senior Treasury official told reporters Thursday. “President Trump’s housing plan will make mortgages more expensive and harder to get," Brown, the top-ranking Democrat on the Senate Banking Committee, said in a statement. "I’m urging the President: Make it easier for working people to buy or rent their homes, not harder."
FHFA is expected to release a rule on Fannie and Freddie’s capital requirements this fall, a condition of their release. The blueprint would also limit Fannie and Freddie’s activities to reduce their share of the market, though it does not specify a target market share. The companies would be able to hold fewer mortgages on their books, for instance.
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