$FNMA #FANNIEGATE mnuchin transcript
MR. MNUCHIN MR. MNUCHIN: ""LET ME BE CLEAR THAT I DID MAKE COMMENTS ABOUT THIS. MY COMMENTS WERE NEVER THAT THERE SHOULD BE RECAP AND RELEASE. I HAVE BEEN AROUND THE MORTGAGE INDUSTRY FOR 30 YEARS AND I HAVE SEEN THIS FOR A LONG PERIOD OF TIME. THIS IS AN AREA I BELIEVE I HAVE EXPERTISE IN. FOR VERY LONG PERIODS OF TIME I THINK FANNIE AND FREDDIE HAVE BEEN WELL RUN WITHOUT CREATING RISK TO THE GOVERNMENT AND THEY PLAYED AN IMPORTANT ROLEND THE MORTGAGE INDUSTRY FOR 30 YEARS AND I HAVE SEEN THIS FOR A LONG PERIOD OF TIME. THIS IS AN AREA I BELIEVE I HAVE EXPERTISE IN. FOR VERY LONG PERIODS OF TIME I THINK FANNIE AND FREDDIE HAVE BEEN WELL RUN WITHOUT CREATING RISK TO THE GOVERNMENT AND THEY PLAYED AN IMPORTANT ROLE -- I KNOW YOU ARE RUNNING OUT
02:59:02 MR. MNUCHIN CHAIRMAN: GO AHEAD. MR. MNUCHIN: I BELIEVE THESE ARE VERY IMPORTANT ENTITIES FOR LIQUIDITY FOR THEWHAT I HAVE COMMITTED TO IS THAT I WILL WORK WITH BOTH THE DEMOCRATS AND REPUBLICANS. WHAT I HAVE SAID AND BELIEVE, WE NEED HOUSING REFORM. WE SHOULD UNJUSTLY FANNIE AND FREDDIE AS IS OR THE NEXT FOUR OR EIGHT YEARS UNDER GOVERNMENT CONTROL WITHOUT A FIX. I BELIEVE WE CANBOTH THE DEMOCRATS AND REPUBLICANS. WHAT I HAVE SAID AND BELIEVE, WE NEED HOUSING REFORM. WE SHOULD UNJUSTLY FANNIE AND FREDDIE AS IS OR THE NEXT FOUR OR EIGHT YEARS UNDER GOVERNMENT CONTROL WITHOUT A FIX. I BELIEVE WE CAN FIND A BIPARTISAN FIX FOR THESE. ON THE ONE HAND, WE DON'T END UP WITH A GIANT BAILOUT. ON THE OTHER HAND, WE DON'T RUN THE RISK OF COMPLETELY LIMITING HOUSING FINANCE. Show Less Text 03:00:00 MR. MNUCHIN MR. MNUCHIN: I DON'T WANT TO MAKE ANY COMMITMENTS TO LEGISLATIVE OR NOT. WHAT I WILL COMMIT, BECAUSE IT IS MY RESPONSIBILITY AT TREASURY , AS IT RELATES TO CERTAIN ISSUES WITH FANNIE AND FREDDIE. WHAT I WILL COMMIT TO IS IT IS MY OBJECTIVE TO FIND A BIPARTISAN SOLUTION TO IT. I WOULD WELCOMETO CERTAIN ISSUES WITH FANNIE AND FREDDIE. WHAT I WILL COMMIT TO IS IT IS MY OBJECTIVE TO FIND A BIPARTISAN SOLUTION TO IT. I WOULD WELCOME THE OPPORTUNITY TO SIT DOWN
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Glen Bradford
Investor · Builder · Writer
MBA from Purdue. Former hedge fund manager. Holds 26 series of Fannie Mae and Freddie Mac junior preferred stock. Built Cloud Nimbus for Salesforce consulting. Author of Act As If. Writes about investing, building things, and the longest financial fraud in American history.
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