Tuesday, November 19, 2019 3:10:47 PM
WASHINGTON -- Fannie Mae (FNMA) and Freddie Mac's (FMCC) federal regulator kicked off a process for the mortgage-finance companies to raise enough capital to return them to private ownership.
The Tuesday announcement by the Federal Housing Finance Agency is a sign it thinks the companies likely need more than the $180 billion in capital, as previously envisioned by the agency.
The move effectively restarts a process for setting heightened capital levels -- cash to absorb against possible losses -- for the companies, a key change for them to exit government control.
Fannie and Freddie have been under government control since the financial crisis. Ending their decadelong government conservatorship is a priority for the Trump administration.
The companies back about half of the U.S. mortgage market. They don't make loans but buy them from lenders and package them into securities that are sold to investors.
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