Treasury Department aide hired to reform Fannie, Freddie will step down

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Craig Phillips, a deputy to Treasury Secretary Steven Mnuchin who joined the department to overhaul Fannie Mae FNMA, +2.28% and Freddie Mac FMCC, +3.31% is stepping down, he told Treasury staff members Thursday. The news was first reported by the New York Times. Shares of the two government-sponsored enterprises have both more than doubled in the year to date after MarketWatch first broke the news that the Trump administration would likely attempt to reform the companies without Congressional input. In March Mark Calabria, a former aide to Vice President Mike Pence, was confirmed to lead the agency that regulates the two GSEs, and has since signaled he may make good on those plans.

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