Schiff Claims Trump Falsely Values Fannie Mae at Trillion Dollars

What was said

"Donald Trump came out and he talked about Fannie and Freddie and he said that they're worth a trillion dollars. These companies are worth a trillion dollars. Now, that is about 4 times what analysts claim that they're worth. And of course, you know, a lot of people own them because they expect some IPO. And Trump says they're worth $1 trillion. Now, that is about 4 times what analysts claim that they're worth. And of course, they're not even worth that. I don't even think they're worth anything."

Schiff accused Trump of fraudulently inflating Fannie Mae and Freddie Mac's value to $1 trillion—four times analyst estimates—to prop up investor sentiment after appointing Bill Pulte away from the GSEs. Schiff argues the firms represent massive taxpayer liabilities, not assets, because they insure a third of US mortgages at underpriced risk during a coming housing collapse.