The Federal Reserve announced its second interest rate cut of the year on Wednesday, reducing the benchmark rate by a quarter-point to lower the target range to 3.75%-4.00%.
The decision, made by the Federal Open Market Committee (FOMC) after a two-day meeting, follows a quarter-point reduction in September. The move comes amid softer labor market conditions and a federal government shutdown that has stalled most economic data releases.
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President Donald Trump on Monday called for California Democratic Sen. Adam Schiff to be prosecuted for alleged mortgage fraud.
Trump said the mortgage giant Fannie Mae’s financial crimes division concluded Schiff “engaged in a sustained pattern of possible Mortgage Fraud” in a Monday morning post on the social media platform Truth Social. The president called on the California Democrat to face prosecution for alleged mortgage fraud for claiming a Maryland home as his primary residence for more than a decade.
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The federal government’s grip on America’s housing finance system is contributing to the very affordability crisis it claims to solve.
Fannie Mae and Freddie Mac, two government-controlled mortgage giants, now back more than half the $16 trillion residential mortgage market. While they don’t issue loans directly, they purchase mortgages from lenders and securitize them, funneling credit through a government-directed system that distorts prices, encourages risk-taking, and leaves taxpayers exposed.
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