Jefferies Trading Surge Bodes Well for Wall Street Heavy-Hitters
Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
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Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
Blackstone Inc. sold 48 warehouses in Southern California to Rexford Industrial Realty Inc. for $1 billion.
Plunging demand for commodity offices in the US is driving growth for the highest-quality properties, a Morgan Stanley executive said.
Nuveen is shifting management of about 3,000 rental houses to Invitation Homes Inc., marking the end of its attempt to launch a new single-family landlord.
Canada’s real estate market is seeing some signs of increased activity, but one economist says a recovery will be gradual until interest rates are firmly moving down.
Aug 22, 2019
Bloomberg News
,(Bloomberg) -- The Senate Banking Committee’s top Democrat is warning the Trump administration that carrying out its plan for ending U.S. control of Fannie Mae and Freddie Mac could destabilize the economy if it fails to protect the housing market.
Senator Sherrod Brown of Ohio in a Thursday statement pointed to multiple hearings the committee has held this year, during which both Democrats and housing experts cautioned that freeing the mortgage giants from government conservatorship without major reform would be risky.
“Failing to listen to these important voices does a disservice to communities and puts our housing market and taxpayers at risk,” Brown said in the statement. An ideal housing reform plan would have mortgage guarantors like Fannie structured like public utilities, and expands investment in affordable housing, he said at a June hearing.
Brown’s warning comes even before the public release of the Trump administration’s plan to free Fannie and Freddie. The Treasury Department has sent its report, which President Donald Trump ordered the agency to write in March, to top officials at the White House, according to people familiar with the matter.
The plan, which is awaiting sign-off, will address ways to rebuild capital at Fannie and Freddie, as well as plotting their path out of conservatorship, one of the people said.
Fannie and Freddie have surged since Wednesday news articles that the Treasury report had been submitted to the White House and other agencies, with Wall Street taking it as a sign that the administration is making progress on pursuing an overhaul of the companies. Fannie rose 9.6% to $2.68 as of 12:35 pm in New York trading Thursday, while Freddie gained 7.8% to $2.57.
Taken over by the government in the midst of the financial crisis, what to do with Fannie and Freddie is the biggest piece of unfinished business from that era. Since their takeover, three presidential administrations and numerous congressional working groups have repeatedly failed to agree on a revamp of the companies that would end government control.
To contact the reporter on this story: Austin Weinstein in Washington at aweinstein18@bloomberg.net
To contact the editors responsible for this story: Jesse Westbrook at jwestbrook1@bloomberg.net, Gregory Mott
©2019 Bloomberg L.P.