World News: 00:40 GMT Wednesday 11th September 2019. [Yahoo Business News Feed via SPi World News]
A decade after the mortgage bubble burst sparking the Great Recession, President Donald Trump wants to privatize two financial linchpins of the multi-trillion-dollar American housing sector. In Senate testimony on Tuesday, US Treasury Secretary Steven Mnuchin laid out the administration's reform plans for housing finance, including the government-sponsored enterprises known as Fannie Mae and Freddie Mac. 'In their current form, Fannie and Freddie are still too big to fail,' Mnuchin told lawmakers, saying their size and importance created liabilities for the financial system that could require another unpopular taxpayer bailout.
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