$FNMA #FANNIEGATE mnuchin transcript

MR. MNUCHIN MR. MNUCHIN: ""LET ME BE CLEAR THAT I DID MAKE COMMENTS ABOUT THIS. MY COMMENTS WERE NEVER THAT THERE SHOULD BE RECAP AND RELEASE. I HAVE BEEN AROUND THE MORTGAGE INDUSTRY FOR 30 YEARS AND I HAVE SEEN THIS FOR A LONG PERIOD OF TIME. THIS IS AN AREA I BELIEVE I HAVE EXPERTISE IN. FOR VERY LONG PERIODS OF TIME I THINK FANNIE AND FREDDIE HAVE BEEN WELL RUN WITHOUT CREATING RISK TO THE GOVERNMENT AND THEY PLAYED AN IMPORTANT ROLEND THE MORTGAGE INDUSTRY FOR 30 YEARS AND I HAVE SEEN THIS FOR A LONG PERIOD OF TIME. THIS IS AN AREA I BELIEVE I HAVE EXPERTISE IN. FOR VERY LONG PERIODS OF TIME I THINK FANNIE AND FREDDIE HAVE BEEN WELL RUN WITHOUT CREATING RISK TO THE GOVERNMENT AND THEY PLAYED AN IMPORTANT ROLE -- I KNOW YOU ARE RUNNING OUT

02:59:02 MR. MNUCHIN CHAIRMAN: GO AHEAD. MR. MNUCHIN: I BELIEVE THESE ARE VERY IMPORTANT ENTITIES FOR LIQUIDITY FOR THEWHAT I HAVE COMMITTED TO IS THAT I WILL WORK WITH BOTH THE DEMOCRATS AND REPUBLICANS. WHAT I HAVE SAID AND BELIEVE, WE NEED HOUSING REFORM. WE SHOULD UNJUSTLY FANNIE AND FREDDIE AS IS OR THE NEXT FOUR OR EIGHT YEARS UNDER GOVERNMENT CONTROL WITHOUT A FIX. I BELIEVE WE CANBOTH THE DEMOCRATS AND REPUBLICANS. WHAT I HAVE SAID AND BELIEVE, WE NEED HOUSING REFORM. WE SHOULD UNJUSTLY FANNIE AND FREDDIE AS IS OR THE NEXT FOUR OR EIGHT YEARS UNDER GOVERNMENT CONTROL WITHOUT A FIX. I BELIEVE WE CAN FIND A BIPARTISAN FIX FOR THESE. ON THE ONE HAND, WE DON'T END UP WITH A GIANT BAILOUT. ON THE OTHER HAND, WE DON'T RUN THE RISK OF COMPLETELY LIMITING HOUSING FINANCE. Show Less Text 03:00:00 MR. MNUCHIN MR. MNUCHIN: I DON'T WANT TO MAKE ANY COMMITMENTS TO LEGISLATIVE OR NOT. WHAT I WILL COMMIT, BECAUSE IT IS MY RESPONSIBILITY AT TREASURY , AS IT RELATES TO CERTAIN ISSUES WITH FANNIE AND FREDDIE. WHAT I WILL COMMIT TO IS IT IS MY OBJECTIVE TO FIND A BIPARTISAN SOLUTION TO IT. I WOULD WELCOMETO CERTAIN ISSUES WITH FANNIE AND FREDDIE. WHAT I WILL COMMIT TO IS IT IS MY OBJECTIVE TO FIND A BIPARTISAN SOLUTION TO IT. I WOULD WELCOME THE OPPORTUNITY TO SIT DOWN