The top Senate Democrat with oversight of Fannie Mae and Freddie Mac pressed Treasury Secretary Scott Bessent for more details about the Trump administration's efforts to take the mortgage giants public.
The Treasury Department and the Federal Housing Finance Agency have been holding meetings with housing advocates, think tanks and mortgage industry representatives this month about the broad strokes of the process.
Senator Elizabeth Warren of Massachusetts, the top Democrat on the Senate Banking Committee, asked Bessent in a Wednesday letter whether he plans to publish stakeholder input from those meetings or allow for public comment on the process.
Warren also pushed Bessent to conduct an "impact assessment" of releasing the companies from government conservatorship before proceeding.
"In addition to economic analyses, any assessment should include robust public input, assessing the role of the Enterprises in today's market, and carefully accounting for any implications of reprivatization of the Enterprises on the mortgage market and broader economy," she wrote.
Representatives for Treasury and FHFA didn't immediately respond to requests for comment.
Treasury bailed out Fannie and Freddie in 2008 to stave off devastating losses in the financial crisis. The two companies – which back more than half the residential mortgage market – have been under government control ever since, with the FHFA as their regulator and conservator. Congressional efforts to free the companies have repeatedly failed, in part over concerns about the potential impact to mortgage rates.
The handful of roundtable discussions Treasury staff held this month were largely information-gathering exercises, according to meeting participants who requested anonymity to talk about private discussions. Staff also assured participants that the department would take an informed and carefully calibrated approach to the process, aiming to allay fears that the Trump administration was rushing to release the firms in a way that could rattle the mortgage market.
FHFA has hosted similar meetings with industry groups and advocates this month.
In the letter Wednesday, Warren took a swipe at FHFA Director Bill Pulte, questioning his level of involvement in the process.
"In an effort to gain clarity about the reprivatization process, we sent multiple inquiries to FHFA regarding its role as conservator of the Enterprises," Warren wrote, attaching four letters she says she sent to Pulte this summer.
"I have been led to the conclusion, however, that FHFA Director Pulte may have no information, insight or answers on the topic, in part due to his focus on ousting members of the Federal Reserve Board of Governors and certain Democratic leaders," she added.
