Market Watch-
Shares of Fannie Mae and Freddie Mac have rallied this week as President-elect Donald Trump surrounds himself with advisors seen as sympathetic to shareholders of the two mortgage companies.
Fannie FNMA, +7.27% and Freddie FMCC, +6.18% were placed into federal conservatorship during the 2008 financial crisis, and in 2012 the Obama administration amended the terms of the 2008 agreement to sweep quarterly profits from the two enterprises, a move that’s been challenged in court by shareholders.
Ken Blackwell, who’s been tapped to lead the domestic transition team, wrote an op-ed in 2014 in which he called the Treasury arrangement “theft of private property.” In the piece, Blackwell noted that there is a “bipartisan consensus on how to wind down Fannie and Freddie.”
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I pray that Trump does not become a sell out…and leave the victims in the quick sand…we are counting on his bad experience by bank of america and deutsche bank to give hell to wall street and their bs vs. minorities in this country…