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Trump may scrap Frannie reform if plan comes under fire, Cowen says

  • Cowen analyst Jaret Seiberg wonders if President Trump will "turn on housing finance reform if the public narrative is that government is getting a bad deal," Seiberg writes in a note to client.
  • Fannie Mae (OTCQB:FNMA -1.2%) and Freddie Mac (OTCQB:FMCC -1.5%) slide.
  • Potential points that may trigger criticism  -- returning to "a system where taxpayers take the risk and investors reap the gains," or if the plans calls for forgiving $200B in outstanding preferred stock owned by the Treasury.
  • Current plan calls for pushing housing finance reform agenda over the next year and a half; White House position paper is due this month, Seiberg writes.
  • Previously: Barclays, Annaly weigh in on Frannie reform (June 26)

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