Trump orders ‘my representatives’ to buy $200 billion in mortgage bonds to lower rates
By Ramishah Maruf, CNN
(CNN) — President Donald Trump said Thursday he had ordered “my representatives” to buy $200 billion in mortgage bonds in an attempt to drive down interest rates and monthly payments, writing in a Truth Social post.
Fannie Mae and Freddie Mac, two government-owned mortgage giants, are now worth “an absolute fortune” and have enough cash to fund the directive, he wrote in the post.
“Because I chose not to sell Fannie Mae and Freddie Mac in my First Term… it is now worth many times that amount — AN ABSOLUTE FORTUNE — and has $200 BILLION DOLLARS IN CASH. Because of this, I am instructing my Representatives to BUY $200 BILLION DOLLARS IN MORTGAGE BONDS,” he wrote.
“This will drive Mortgage Rates DOWN, monthly payments DOWN, and make the cost of owning a home more affordable.”
Trump has been weighing an IPO of Fannie and Freddie for years, including in his first term. CNN reported in August that Trump and his economic advisors are planning a sale of stock of the two entities.
This is a developing story and will be updated.
The-CNN-Wire
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