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Treasury Report Sparks Rumors of Fannie/Freddie Liberation

Thursday, August 22, 2019

Sources are telling Bloomberg that a report on the White House's plan to release Fannie Mae and Freddie Mac (the GSEs) from their 11-year long conservatorship has landed on the desks of several agencies and is also in the hands of Lawrence Kudlow, head of the National Economic Council.  Bloomberg staff say this is a sign the report is getting closer to being released publicly.

The two mortgage giants were placed in conservatorship with the Federal Housing Finance Agency (FHFA) in August 2008 after they incurred large losses through mortgage defaults during the housing crisis. Over the next four years they each drew substantial operating funds from the Treasury, but both returned to profitability in 2013 and have earned billions of dollars since.  All of their profits except for a relatively small buffer has been swept into the Treasury as dividends.  The companies have not been allowed to rebuild capital nor have the payments to Treasury reduced any of their massive debt.

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