Leader Schumer Statement On Donald Trump’s Preposterous Idea To Privatize Fannie Mae And Freddie Mac

New York, N.Y. – Today, Senate Democratic Leader Chuck Schumer (D-NY) released the following statement on President Trump’s proposal to privatize Fannie Mae and Freddie Mac, a move that would threaten the financial security of middle-class Americans by skyrocketing mortgage costs.

“Trump’s housing proposal to privatize Fannie and Freddie is yet another economic policy that will upend middle-class Americans looking to buy or refinance a home while helping line the pockets of the wealthy. 

“Experts have warned for years that privatizing Fannie and Freddie – which finances 70% of the American mortgage market – would threaten the financial security of middle-class Americans, making it harder and more expensive to buy a home. The average family could be hit with a whopping $1800 to $2800 increase in annual mortgage costs. 

“Yet, Trump and his cronies only see an opportunity to loot the state, no matter the cost to hard-working families and our broader economy.” 

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