September 30, 2019 / 1:17 PM / 22 days ago

Fannie Mae and Freddie Mac to retain billions in earnings in step towards exiting government control

WASHINGTON, Sept 30 (Reuters) - Housing giants Fannie Mae and Freddie Mac will be permitted to retain a total of $45 billion in earnings going forward, as an initial step towards exiting government control.

In a joint statement, the Treasury Department and Federal Housing Finance Agency, which regulates the pair, said the new policy will allow the two to rebuild capital reserves. Under prior policy, they were only permitted to hold $3 billion in reserves, with the rest of their profits going to the government. (Reporting by Pete Schroeder; Editing by Catherine Evans)

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