Aug. 9 (UPI) -- President Donald Trump reportedly wants the U.S. government to sell Fannie Mae and Freddie Mac stock in a quest to move the mortgage finance companies from full federal control.
The initial public offering, which would be possible the largest in history, was first reported by The Wall Street Journal and later confirmed by CNN and The New York Times.
The outlets reported that the plans have not been finalized for Fannie Mae, which is short for Federal National Mortgage Association, and was created in 1938 as part of President Frank Roosevelt's New Deal. Freddie Mac, which stands for Federal Home Loan Mortgage Corp., began in 1970 to further expand the secondary mortgage market.
An IPO of up to 15% of Fannie Mae and Freddie Mac could raise $30 billion, according to the media outlets.
The New York Times reported that Trump met with executives from the nation's largest banks -- Jamie Dimon of JPMorgan, David Solomon of Goldman Sachs, Brian Moynihan of Bank of America and Jane Fraser of Citigroup. He asked them to come up with a way to sell shares on the stock market. The companies represent a big portion of the $12 trillion mortgage market.
