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Treasury Secretary Mnuchin says Trump has approved reform plan for Fannie Mae and Freddie Mac

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Treasury Secretary Steven Mnuchin said President Donald Trump “has approved” the Treasury’s plan to reform mortgage giants Fannie Mae and Freddie Mac.

Mnuchin appeared before the Senate Banking Committee Tuesday and refused to confirm that when asked then, but said he had since confirmed it.

Secretary Mnuchin also said that negotiations were underway to end the Treasury sweep of Fannie Mae and Freddie Mac’s profits.

“We are actively negotiating an amendment try to get it done by the end of the month,” he said in an interview on CNBC’s “Squawk Box.”

The Treasury released a plan last week designed to recapitalize the two, which currently back about half of the $10 trillion U.S. mortgage…



Source cnbc.com

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