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Fannie-Freddie Reform Won't Happen Until 2018, Mnuchin Says

  • Treasury chief says firms aren’t ready to exit U.S. control
  • Mortgage giants expected to keep turning over profits, he says
Bloomberg business news

QuickTake: The Future of Fannie Mae and Freddie Mac

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Treasury Secretary Steven Mnuchin said plans for overhauling Fannie Mae and Freddie Mac won’t be addressed until next year, adding that he expects the companies to continue turning over their profits to the government.

More work needs to be done to fix the two mortgage giants at the heart of the U.S. housing-finance system, Mnuchin said Thursday at a Politico conference in Washington. The companies aren’t yet in a position to be released from government control, he said.