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Fannie Mae and Freddie Mac shares tank after Mnuchin comments

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follow the latest news of” market news” from different sites to most famous technicals /Julia La Roche by 2017-01-19 at 23:36

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Fannie and Freddie shares go haywire following Mnuchin comments

Fannie and Freddie shares go haywire following Mnuchin comments*/

– Steven Mnuchin, president-elect Donald Trump’s Treasury Secretary-designate, was asked during his senate confirmation hearing about some comments he made about Fannie Mae and Freddie Mac back in November.During the hearing, Sen. Mark Warner (D-VA) expressed some concern about comments Mnuchin made about Fannie and Freddie that some have interpreted as a recap and release.“Let me first be clear, I did make some comments about this,” Mnuchin said.
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Fannie, Freddie tumble as Mnuchin backs away from release plan

Fannie, Freddie tumble as Mnuchin backs away from release plan*/

– Reuters U.S. Treasury nominee Steven Mnuchin appeared to back away from a plan to end government control over housing lenders Fannie Mae and Freddie Mac during his confirmation hearing.Share of Fannie Mae FNMA, -4.30% and Freddie Mac FMCC, -4.97% sank as Steven Mnuchin, President-elect Donald Trump’s pick for the top Treasury spot, said he did not support a plan to recapitalize and release the two companies from government control.Fannie and Freddie, companies which provide liquidity to the mortgage market by buying home loans from banks and other lenders, fell into government conservatorship during the 2008 financial crisis.
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Fannie Mae and Freddie Mac shares tank after Mnuchin comments

Fannie Mae and Freddie Mac shares tank after Mnuchin comments*/

– Shares of Fannie Mae and Freddie Mac plunged nearly 10 percent during midday trading on Thursday after Steven Mnuchin, Donald Trump’s pick for Treasury Secretary, made comments that “there never should be recap and release.”The stocks have since recovered their losses, but were still ended the day more than 4 percent lower.Recap and release, a recapitalization of the companies followed by releasing them from government control, is a plan supported by several investors who hold shares of the companies.
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