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Wednesday, February 05, 2025 10:23:18 PM
its a Bigly Booooom Bazingaroooski !
Exclusive | Fannie, Freddie Privatization, Cost-Cutting and New Name Are Priorities for HUD Chief
https://www.wsj.com/finance/regulation/new-hud-chief-sets-sights-on-fannie-freddie-cost-cutting-and-new-name-2e83652f?st=DxV7TR
Fannie, Freddie Privatization, Cost-Cutting and New Name Are Priorities for HUD Chief
Story by Gina Heeb, AnnaMaria Andriotis, Corrie Driebusch
Scott Turner would like to change the name of HUD.© Kevin Dietsch/Getty Images
Scott Turner, who was confirmed Wednesday to lead the Department of Housing and Urban Development, said a cross-government effort to privatize Fannie Mae and Freddie Mac will be a priority as he takes the helm of the agency.
In an interview with The Wall Street Journal, Turner said HUD would work with the Treasury Department and Congress on privatization of the mortgage-finance firms and that he would act as a “quarterback” of sorts in the process. The efforts to free the firms from government control would also involve the Federal Housing Finance Agency, which oversees Fannie and Freddie.
“There are partners that will be at the table and obviously we’ll be one of them,” said Turner, a former NFL player and Texas lawmaker. “When you’re a quarterback, you’ve got to work with the entire huddle.”
Separately, advisers, lawmakers and bankers have passed around proposals detailing how privatization could support the Department of Government Efficiency, the cost-cutting effort led by Elon Musk, according to people familiar with the discussions. Other proposals have discussed using proceeds from any transaction to fund the tax reforms President Trump has promised.
There is no guarantee a plan will come together quickly or be carried out, not least because it remains to be seen
Exclusive | Fannie, Freddie Privatization, Cost-Cutting and New Name Are Priorities for HUD Chief
https://www.wsj.com/finance/regulation/new-hud-chief-sets-sights-on-fannie-freddie-cost-cutting-and-new-name-2e83652f?st=DxV7TR
Fannie, Freddie Privatization, Cost-Cutting and New Name Are Priorities for HUD Chief
Story by Gina Heeb, AnnaMaria Andriotis, Corrie Driebusch
Scott Turner would like to change the name of HUD.© Kevin Dietsch/Getty Images
Scott Turner, who was confirmed Wednesday to lead the Department of Housing and Urban Development, said a cross-government effort to privatize Fannie Mae and Freddie Mac will be a priority as he takes the helm of the agency.
In an interview with The Wall Street Journal, Turner said HUD would work with the Treasury Department and Congress on privatization of the mortgage-finance firms and that he would act as a “quarterback” of sorts in the process. The efforts to free the firms from government control would also involve the Federal Housing Finance Agency, which oversees Fannie and Freddie.
“There are partners that will be at the table and obviously we’ll be one of them,” said Turner, a former NFL player and Texas lawmaker. “When you’re a quarterback, you’ve got to work with the entire huddle.”
Separately, advisers, lawmakers and bankers have passed around proposals detailing how privatization could support the Department of Government Efficiency, the cost-cutting effort led by Elon Musk, according to people familiar with the discussions. Other proposals have discussed using proceeds from any transaction to fund the tax reforms President Trump has promised.
There is no guarantee a plan will come together quickly or be carried out, not least because it remains to be seen
Bullish
