Mnuchin's Zeal for Fannie-Freddie Overhaul Tested by Ruling
- Treasury secretary says staff working on housing-finance plan
- Lawmakers have competing priorities such as Obamacare, taxes
How Steven Mnuchin Got the Treasury Job
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U.S. Treasury Secretary Steven Mnuchin’s seriousness about overhauling the nation’s $10 trillion mortgage market will soon be tested.
A federal appeals court dealt a major blow to hedge funds that own Fannie Mae and Freddie Mac shares Tuesday, ruling that investors weren’t entitled to billions of dollars of profits. The decision clears an obstacle to addressing an issue that has vexed policy makers for almost a decade: What to do with the government-controlled companies that guarantee 43 percent of U.S. mortgages.