Chris Arnold

Fannie and Freddie are the most powerful forces in the multi-trillion dollar U.S. mortgage market. And they've been prisoners of the Treasury Department ever since their bad investments forced a government bailout during the 2008 crash. So President Trump is basically talking about letting Fannie and Freddie out of jail.

Fannie and Freddie are the most powerful forces in the multi-trillion dollar U.S. mortgage market. And they've been prisoners of the Treasury Department ever since their bad investments forced a government bailout during the 2008 crash. So President Trump is basically talking about letting Fannie and Freddie out of jail.

But a former official tells NPR that there's a way to do that where investors that hold the old Fannie and Freddie stock get wiped out. And another way to do it where those investors would make billions. The biggest holder of that old stock is reported to be Bill Ackman, a backer of President Trump.

But a former official tells NPR that there's a way to do that where investors that hold the old Fannie and Freddie stock get wiped out. And another way to do it where those investors would make billions. The biggest holder of that old stock is reported to be Bill Ackman, a backer of President Trump.

Taking Fannie and Freddie public would also be complicated, and if done wrong, it could cause turmoil in the stock and bond markets. Chris Arnold, NPR News.

Taking Fannie and Freddie public would also be complicated, and if done wrong, it could cause turmoil in the stock and bond markets. Chris Arnold, NPR News.

Hey, Laila.

Hey, Laila.

Hey, Laila.

The judge said a lot, actually. This is a dramatic hearing. This is District Judge William Alsup. And one thing he said is that these workers were lied to about why they were fired. He said, quote, it's a sad day when our government would fire some good employee and say it was based on performance when they know good and well that that is a lie.

The judge said a lot, actually. This is a dramatic hearing. This is District Judge William Alsup. And one thing he said is that these workers were lied to about why they were fired. He said, quote, it's a sad day when our government would fire some good employee and say it was based on performance when they know good and well that that is a lie.

The judge said a lot, actually. This is a dramatic hearing. This is District Judge William Alsup. And one thing he said is that these workers were lied to about why they were fired. He said, quote, it's a sad day when our government would fire some good employee and say it was based on performance when they know good and well that that is a lie.

And the idea there is that firing workers for bad performance made it easier to fire them, but it wasn't true. Many workers got glowing reviews from supervisors. They'd been doing a good job. We've spoken with some of these workers. The judge called the mass firing a sham to get around statutory requirements.

And the idea there is that firing workers for bad performance made it easier to fire them, but it wasn't true. Many workers got glowing reviews from supervisors. They'd been doing a good job. We've spoken with some of these workers. The judge called the mass firing a sham to get around statutory requirements.

And the idea there is that firing workers for bad performance made it easier to fire them, but it wasn't true. Many workers got glowing reviews from supervisors. They'd been doing a good job. We've spoken with some of these workers. The judge called the mass firing a sham to get around statutory requirements.

And he said that the administration exceeded its authority by having one office in the government direct so many other agencies to just summarily fire all these workers.

And he said that the administration exceeded its authority by having one office in the government direct so many other agencies to just summarily fire all these workers.

And he said that the administration exceeded its authority by having one office in the government direct so many other agencies to just summarily fire all these workers.

Right. The government argued that agencies made their own decisions. The firings were proper. But the judge, again, said, quote, you know, I tend to doubt that you're telling me the truth at that point. The White House is unamused by all of this.

Right. The government argued that agencies made their own decisions. The firings were proper. But the judge, again, said, quote, you know, I tend to doubt that you're telling me the truth at that point. The White House is unamused by all of this.