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Trump seeks to end government control of mortgage companies

March 27, 2019 04:22 PM

WASHINGTON (AP) — President Donald Trump has issued an order for the government to end its 10-year conservatorship of the mortgage companies Fannie Mae and Freddie Mac.

The mortgage companies were placed under government control in September 2008 after the bursting of the housing bubble triggered a financial crisis that put the government-sponsored enterprises on the verge of failure.

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Trump has directed Treasury Secretary Steven Mnuchin to develop a plan to ensure that Fannie Mae and Freddie Mac can operate as private companies while preserving access to 30-year fixed-rate mortgages and minimizing risks to the broader economy.

The order also directs Housing and Urban Development Secretary Ben Carson to reduce risks to taxpayers from the housing finance support offered by the Federal Housing Administration.

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(Copyright 2019 by The Associated Press. All Rights Reserved.)

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