(Reuters) - Mortgage companies Fannie Mae and Freddie Mac (OTC:FMCC) said on Monday they plan on hiring financial advisors to help them exit from government conservatorship.
The selection of a financial adviser was seen as a critical step in any effort to return Fannie and Freddie to the private market, after operating under a government conservatorship since being bailed out in 2008.
Fannie Mae said it would issue a request for proposals to hire an underwriting financial advisor, while Freddie Mac said it has begun the request for proposal process.
The Trump administration has said it is a priority to recapitalize the pair, which guarantee over half of the nation's mortgages, and remove them from their government lifeline.