Officials defend plan to end govt control of Fannie, Freddie

WASHINGTON (AP) — Trump administration officials are going before Congress to defend their plan for ending government control of Fannie Mae and Freddie Mac. The giant mortgage finance companies nearly collapsed in the financial crisis 11 years ago and were bailed out at a cost to taxpayers of $187 billion.

Treasury Secretary Steven Mnuchin and Housing and Urban Development Secretary Ben Carson are testifying Tuesday before the Senate Banking Committee on the plan for returning Fannie and Freddie to private ownership.