Trump Treasury nominee’s comments send Fannie, Freddie stock soaring

by Ryan Smith01 Dec 2016

A brief Fox Business interview with President-elect Donald Trump’s nominee for Treasury secretary sent Fannie Mae and Freddie Mac stocks skyrocketing.

Steve Mnuchin, the former Goldman Sachs executive tapped for the Treasury job, said Wednesday that one of the things at the top of the Trump administration’s agenda will be “getting Fannie and Freddie out of government ownership,” according to a HousingWire report.

The news sent Fannie and Freddie stocks skyrocketing to 45% above their opening price, to levels not seen since June of 2014. Both stocks closed near $4.40, according to HousingWire.

Mnuchin told Fox Business that the incoming administration plans to “get (Fannie and Freddie) out of government control.” It’s not clear if he meant that the government would simply return the GSEs to their pre-bailout status or that the administration would push for full privatization, HousingWire reported.

COMMENTS

  • by Joanne | 12/1/2016 1:18:19 PM

    Both these agencies are FULLY CORRUPT AND NEED TO BE CLEANED UP FROM TOP TO BOTTOM!!! More fraud and abuse by Elite Libs!

    DEMS have used and abused these agencies for billions of dollars. Maxine Waters husband for one.... there is a long list!

  • by Timely | 12/1/2016 1:30:15 PM

    One West Bank and Indymac were the biggest sleaze balls in the mortgage lending market. So putting one of theirs in this position shows where we are headed. And this is bipartisan, I hate to tell you.

  • by Gary H | 12/1/2016 3:08:55 PM

    Government and larger banks stole the middle classes equity and literally and wrongfully drove many good brokers out of business or force them to join a banker.Interesting how the big banks made billions if not trillions that Countrywide after being swallowed by BOA is now innocent ( which I have been saying all along was a" leftish" set up ) who were in bed with those "eliteists". Obama administration succeeded in doubling the costs of the appraisals and stagnating values. Fannie and Freddie have succeeded in telling us what homes should be worth and if you don't follow the government rules an appraiser could be removed from doing appraisals. To me a home is worth what a buyer is willing to pay for this ( on an open unfettered market) .37 years in the industry, with an appraisal background since 1979 says this is so. Again why has Barney Frank been allowed to open an AMC (Appraisal management Company) when he Co-SPonsored the very bill pushed by liberals . WHy are the banks allowed to own 49.9% of the AMC ? Why are there different rules for brokers and
    bankers (especially when taking into consideration ) COMPENSATION . Don't blame Wallstreet blame the leftish greed that wanted to control all. Like OBAMACARE didn't work and thank goodness for an outsider!!
















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