President-elect Donald Trump’s pick for Treasury secretary said he did not support a plan – known as “recap and release” – for returning Fannie Mae and Freddie Mac to the private sector, clarifying earlier remarks that had caused confusion about the incoming administration’s housing finance agenda.

In his confirmation hearing Thursday, Steven Mnuchin said he was “never [supportive] of recap and release” for the government-sponsored enterprises. Mnuchin suggested his comments from December, made in a television interview shortly after his nomination was announced, were misread.

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