As most of us know by now, Steve Mnuchin announced the Trump Administration’s intention to end the conservatorship of Fannie and Freddie during an interview on Fox News on November 30 seen here: https://youtu.be/WAFLne-LRxw
The results were likely predictable – stock prices rose and Mnuchin was attacked by the opposition. Many articles ran in the big bank-influenced media soon after, including one in the WSJ titled, Mnuchin Has Stake in Fund That Would Gain From Fannie Mae Revival.
The attack against Mnuchin was simple – the only reason he stated the eight year long conservatorships must end was his desire to enrich his friends and himself.
During his confirmation, in response to the attacks, Mnuchin preemptively stated his opinion on Fan/Fred was based on his decades-long experience in the mortgage industry (and not motivated by potential personal gain) as seen here: https://youtu.be/KySH-n7TbKE?t=3m34s
The Senate Finance Committee is set to hold an Executive Session tomorrow at 6:00 PM EST to consider endorsing Mnuchin’s nomination. Orrin Hatch, committee chairman, stated:
“Committee members and the American people heard a strong case from Steven Mnuchin on why he should be Treasury Secretary,” Hatch said. “His seasoned career as a financial leader equip him with the ability to steer the American economy in the right direction. And his commitment to work with Congress to reform our outdated tax code and explore ways to improve our nation’s broken infrastructure system should garner the support of my colleagues on both sides of the aisle. I look forward to the Committee voting on his nomination.”
The long-awaited beginning of the end of Fanniegate is finally here…