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Fannie Mae, Freddie Mac jump after Otting takes over at FHFA

  • Fannie Mae (OTCQB:FNMA +13.8%) and Freddie Mac (OTCQB:FMCC +9.7%) rise to their highest intraday levels since November of 2016 as U.S. Comptroller of the Currency Joseph Otting takes the reins as acting director of the Federal Housing Finance Agency, the GSEs' regulator.
  • Otting will be able "to make any early moves that he, Treasury, or the Trump White House may have been itching to make during the cautious former Democratic Congressman's (Watt's) tenure," writes Capital Alpha's Charles Gabriel in a note.
  • "Any bold moves preparing the way toward GSE reform seem likely on hold" ahead of Mark Calabria's likely Senate approval as FHFA head later this winter, he writes.
  • Source: Bloomberg First Word.
  • Previously: Mnuchin hints at Frannie changes to end government control: Bloomberg (Dec. 18, 2018)

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