Trump Administration provides plan to return Fannie Mae, Freddie Mac to private ownership
Nation: The Trump Administration has announced plans to revise the U.S. housing finance industry.
On Sep. 10, Treasury Secretary Steven Mnuchin, FHFA Director Mark Calabria, and HUD Secretary Ben Carson testified before the Senate Banking Committee regarding plans to end government control of Fannie Mae and Freddie Mac, moving them back to private ownership; the proposed plan has been provided to President Trump.
The plan would not remove Fannie Mae and Freddie Mac altogether from government influence, as they would still have government sponsorship and some oversight, but the profits generated from Fannie and Freddie would no longer be directed to the U.S. Treasury.
Per February 2019 numbers, Fannie and Freddie have generated $297 billion since being bailed out, compared to the $191 billion spent in the initial bailout.
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