Trump Pushes for Action on 2 Million Empty Lots
President Trump urged Fannie Mae and Freddie Mac to boost the housing industry, claiming U.S. builders are holding 2 million empty lots. The President's call lacks evidence, and it's unclear what actions are expected from the mortgage companies. Privatization talks with banking leaders continue.
President Donald Trump on Sunday called upon U.S. mortgage giants Fannie Mae and Freddie Mac to stimulate activity in the homebuilding sector. He claimed, without providing evidence, that U.S. builders are hoarding 2 million empty lots.
The President's statement leaves ambiguity regarding the specific actions expected from either builders or the mortgage companies, as he did not clarify his intentions further. Trump's comment comes amid his administration's ongoing discussions to privatize these firms.
In August, Trump met with leading bank executives to deliberate on the privatization strategy. These financial institutions, which have functioned under federal oversight since the 2008 financial crisis, guarantee over half of the nation's mortgages. The administration's plans mark a significant shift in U.S. housing finance policy.
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