Mnuchin: GSEs Won’t Stay ‘As-is’ for Long

  http://www.themreport.com/daily-dose/05-01-2017/mnuchin-gses-wont-stay-long

Fannie Mae and Freddie Mac should prepare for change—and sooner rather than later. According to Steven Mnuchin, the Trump administration won’t keep the status quo for long.

Mnuchin discussed the GSEs and housing reform in general as part of an interview with reporter Maria Bartiromo on Fox Business’ “Mornings with Maria” on Monday. Though he didn’t go into too much detail, he did say that privatizing the two Enterprises wasn’t necessarily the plan.

“I haven’t said they’d be privatized,” Mnuchin said. “What I have said is I’m committed to housing reform. We’re committed to not leaving them as-is for the next four years.”

The main goal of reforming the system? Mnuchin said its to keep housing affordable without putting American taxpayers in harm’s way.

“We want to make sure that there is ample credit for housing,” Mnuchin told Bartiromo. “It’s a very, very important part of the economy, but we also want to make sure we don’t put the taxpayers at risk. And as you know, those two companies only exist because we have a giant line from the Treasury that supports them.”

Mnuchin also talked briefly about a recent bill introduced by Kevin McCarthy in the House that aims to eliminate Fannie and Freddie’s exemption from the Freedom of Information Act. This Act, according to Bartiromo, allowed the Obama administration to reallocate GSE funds toward other parts of the government—including the Affordable Care Act—without public knowledge.

“They used the profits of Fannie and Freddie for other parts of the government, while they kept taxpayers at risk,” Mnuchin said.

Bartiromo and Mnuchin also covered the recently proposed tax plan, which aims to lower taxes on middle-income earners and businesses. To see the full interview, visit FoxBusiness.com.

The Trump administration has been making waves in the housing and financial services industries as of late. Two weeks ago, President Trump issued two executive orders, calling for a review of “too big to fail” as well as oversight of these organizations.

Mnuchin also came out in support of the Financial CHOICE Act last week, which is proposed as an alternative to the controversial Dodd-Frank Act.

9 Responses

  1. He is such a liar. A now glorified corporate billionaire thug? Really now…

  2. Deadly Clear where was the fake outrage when Republicans did nothing and lawyers, judges went along. And steering people into worthless loan mods also made us homeless while taking every last penny.

  3. Reblogged this on Deadly Clear and commented:
    Let’s tell the rest of the story. While President Obama was saving his “legacy” by sweeping GSE profits – he was Making America Homeless. http://www.audio.deadlyclear.com/foreclosurehour04302017.mp3

  4. Not knowing who the “lender” is or if transaction occurred is violation of TILA and basic contract law. This made us the victims from the get go but lawyers, politicians make investors the victims. Making up rules to deprive of us of property is unconstitutional!

  5. Wake up people Mnuchin and Trump are protecting billionaire tax payers. Fannie and Freddie are only a fraction of foreclosures I recall. Unless they were bailing out the banksters creating the mess. If Republicans weren’t obstructing everything abd Bush hadn’t crashed the economy there would have been no need to find funds for health care etc. In the end Obama and Dems got caught up in the scam when they tried to be bipartisan while racist Fox news and Republicans wanted to protect their billionaire puppet masters.

  6. End The Fed. End Fannie. End Freddie. End Foreclosures.

  7. The GSE’s are the banks keys to the US Treasury as they know the taxpayers will be stuck for their mischief by footing the bill.

    Not rocket science, merely following the money.

  8. I always thought it kind of odd that consumers had NO choice in who they owed money to. They are not allowed to pick to whom they do business with. I’d almost suggest it unconstitutional.

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