May 18, 2020 / 9:00 PM / 9 days ago

Fannie Mae, Freddie Mac to hire financial advisors

(Reuters) - Mortgage companies Fannie Mae and Freddie Mac said on Monday they plan on hiring financial advisors to help them exit from government conservatorship.

The selection of a financial adviser was seen as a critical step in any effort to return Fannie and Freddie to the private market, after operating under a government conservatorship since being bailed out in 2008.

Fannie Mae said it would issue a request for proposals to hire an underwriting financial advisor, while Freddie Mac said it has begun the request for proposal process.

The Trump administration has said it is a priority to recapitalize the pair, which guarantee over half of the nation’s mortgages, and remove them from their government lifeline.

Reporting by Sanjana Shivdas in Bengaluru; Editing by Krishna Chandra Eluri

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