July 17, 2018 / 3:28 PM / in 4 months

Fannie, Freddie shares dip after Fed's Powell remarks

NEW YORK (Reuters) - Fannie Mae and Freddie Mac’s stock prices slipped on Tuesday after Federal Reserve Chairman Jerome Powell told a Senate panel that he thinks it’s important in the longer run the housing financial system be off the government’s balance sheet.

In 2008, the government took control of the two mortgage finance agencies in a bailout during the height of the 2007-2009 global financial crisis after Fannie and Freddie’s holding of subprime home loans soured.

Reporting by Richard Leong

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