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Investing.com-- U.S. President Donald Trump said on Tuesday evening that he was working on taking mortgage giants Fannie Mae and Freddie Mac public, and that he will maintain government oversight of the two even after their listing.
“I am working on TAKING (Fannie Mae and Freddie Mac) PUBLIC, but I want to be clear, the U.S. Government will keep its implicit GUARANTEES, and I will stay strong in my position on overseeing them as President,” Trump wrote in a social media post.
His comments come just days after the president signaled that he was considering taking the two mortgage giants public, and was speaking to his cabinet on the matter.
“Fannie Mae and Freddie Mac are doing very well, throwing off a lot of cash, and the time would seem to be right," Trump said last week.
Fannie Mae– known formally as the Federal National Mortgage Association (OTC:FNMA), and Freddie Mac– known as the Federal Home Loan Mortgage Corporation (OTC:FMCC)– were both created by Congress as for-profit corporations with the agenda of boosting the national home lending market by buying home loans from private lenders and converting them into mortgage-backed securities.
This left both companies heavily battered by the 2008 subprime mortgage crisis, which prompted federal intervention. But the government has since pushed both companies back towards an eventual public listing, with Trump also having flagged their listing during his first term.
Shares of both companies currently trade in over-the-counter markets, with it remaining unclear on what terms Trump will take the two public.