Washington (CNN) The Trump administration is calling on federal agencies to draft plans to overhaul the nation's housing finance system, years after the US government seized the mortgage giants Fannie Mae and Freddie Mac.

President Donald Trump on Wednesday signed a memo directing the Treasury Department and the Department of Housing and Urban Development to develop both legislative and regulatory plans to revamp the two companies still under the government's control since the 2008 financial crisis, the White House said in a statement.

Trump's directive calls for ending the conservatorship of Fannie and Freddie and improve the federal government's regulatory oversight over them.

The Treasury Department will spearhead drafting a reform plan for the two companies, while HUD will design a separate regulatory protocol to oversee the housing finance agencies.

"The housing finance system of the United States is in urgent need of reform," the President's memo read, which noted three White House priorities: reducing taxpayer risk, expanding the private sector's role and improving access to sustainable home ownership.

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