U.S. President Donald Trump is making another effort to bring down housing costs, saying Thursday he is instructing unnamed representatives to acquire $200B in mortgage bonds, a move aimed at narrowing mortgage spreads and lowering borrowing costs.
Prompting the move, Trump took to his social media platform, Truth Social, saying "because I chose not to sell Frannie Mae (FNMA) and Freddie Mac (FMCC) in my First Term, a truly great decision, and against the advice of the 'experts,' it is now worth many times that amount -- AN ABSOLUTE FORTUNE -- and has $200 BILLION DOLLARS IN CASH."
Trump is likely to make a decision in the next month or two on whether to sell stakes in the two mortgage giants through an initial public offering, Federal Housing Finance Agency Director Bill Pulte has said.
On Wednesday, the president said he'll take steps to ban large institutional investors from buying single-family homes in his effort to make homes more affordable for Americans.
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