Trump: Fannie Mae, Freddie Mac Need to 'Get Big Homebuilders Going'

President Donald Trump on Sunday urged U.S. mortgage financing companies Fannie Mae and Freddie Mac to "get Big Homebuilders going," saying that U.S. builders were "sitting on 2 Million empty lots, a RECORD."

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It was unclear exactly what action Trump expected builders or the mortgage giants to take. Trump met in August with top U.S. bank executives to discuss his administration's plans to privatize the finance firms, which guarantee over half the nation's mortgages and have been under federal conservatorship since the 2008 financial crisis. 

"Before I became President, 'OPEC' kept Oil prices high. It wasn’t right for them to do that but, in a different form, is being done again — This time by the Big Homebuilders of our Nation," Trump posted on Truth Social.

"They’re my friends, and they’re very important to the SUCCESS of our Country, but now, they can get Financing, and they have to start building Homes. They’re sitting on 2 Million empty lots, A RECORD. I’m asking Fannie Mae and Freddie Mac to get Big Homebuilders going and, by so doing, help restore the American Dream!"

A lack of U.S. inventory, which is due to the fact far fewer homes than needed were built following the subprime mortgage crisis of 2007-2010, has led to the surge in home prices during the recent home-buying frenzy, Newsweek reported.

Trump campaigned on a promise to boost housing inventory and lower borrowing costs, which have risen since the Federal Reserve's aggressive rate-hiking campaign of 2022, the outlet noted.

Fannie Mae and Freddie Mac together guarantee more than half the country’s mortgages.

In August, The Wall Street Journal reported  the Trump administration is aiming for the initial public offerings of mortgage finance giants Fannie Mae and Freddie Mac later this year.

Fannie Mae and Freddie Mac have been under federal conservatorship since 2008 following the financial crisis, during which both entities became insolvent amid the subprime mortgage meltdown.