Are Fannie Mae and Freddie Mac Set for an IPO?

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• 00:03

  The Trump administration is preparing an IPO for mortgage giants Fannie Mae and Freddie Mac.

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  Trump allies began laying the groundwork for this even before he was elected president last year.

• 00:15

  This has been a goal of Trump since his last administration.

• 00:19

  Plus, a day of turmoil in the gold market.

• 00:22

  And what Americans' guilty pleasures mean for business.

• 00:26

  It's Friday, August 8th.

• 00:28

  I'm Alex Ocelev for The Wall Street Journal.

• 00:30

  This is the PM edition of What's News,

• 00:32

  the top headlines and business stories that move the world today.

• 00:39

  We're exclusively reporting that the Trump administration is preparing to sell stock in mortgage giants Fannie Mae and Freddie Mac in an offering it believes could raise around $30 billion.

• 00:50

  The IPO would kick off later this year.

• 00:52

  That's according to people familiar with the matter.

• 00:55

  A small number of shares of the two mortgage giants already trade on the over-the-counter market.

• 01:00

  Cori Dreebush covers capital markets for The Journal and joins me now.

• 01:04

  Cori, what do we know about this plan as it stands?

• 01:07

  What we know is that Trump allies began laying the groundwork for this even before he was elected president last year.

• 01:15

  And it would value the Fannie Mae and Freddie Mac at roughly $500 billion or more.

• 01:22

  And the government would try to sell between 5% and 15% of the stock.

• 01:27

  Given that these mortgage giants are under government conservatorship and have been since 2008,

• 01:32

  where would the money raised actually go?

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