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Federal Home Loan Mortgage Corporation (QB)

Federal Home Loan Mortgage Corporation (QB) (FMCKJ)

13.25
-0.03
( -0.23% )

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Key stats and details

Current Price
13.25
Bid
13.25
Ask
13.26
Volume
339,065
13.1935 Day's Range 13.30
3.36 52 Week Range 14.55
Previous Close
13.28
Open
13.23
Last Trade
100
@
13.25
Last Trade Time
13:46:51
Average Volume (3m)
705,975
Financial Volume
$ 4,491,726
VWAP
13.2474
PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
10.554.3307086614212.713.5312.746454413.26893006CS
41.916.740088105711.3514.5511.12120577912.80143083CS
121.5513.247863247911.714.559.1470597511.8903528CS
262.118.834080717511.1514.559.1477615711.67147601CS
528.56182.5159914714.6914.553.369865768.91774712CS
1569.68271.1484593843.5714.551.36616915.76200834CS
260560.60606060618.2514.551.36988055.27348569CS

FMCKJ - Frequently Asked Questions (FAQ)

What is the current Federal Home Loan Mortgage (QB) share price?
The current share price of Federal Home Loan Mortgage (QB) is $ 13.25
What is the 1 year trading range for Federal Home Loan Mortgage (QB) share price?
Federal Home Loan Mortgage (QB) has traded in the range of $ 3.36 to $ 14.55 during the past year

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FMCKJ Discussion

View Posts
trunkmonk trunkmonk 1 hour ago
the daily pattern for GSE stocks now seems to show a consistent trend that can be traded. I dont know if people are doing it, but I think its time I did it here. good luck all and if your doing it, good for you.
I also suspect the hack job articles they are putting out there feeds into a trading environment too.
👍️0
Sammy boy Sammy boy 4 hours ago
Tap Dancers where is the party? Another year gone talking to your dressers all night!

Just follow the Dems VSAT all bought at $8 seven months ago, now $13

URA all bought at $27 now $38 two months later!

Warren makes me chuckle !
👍️ 1
trunkmonk trunkmonk 5 hours ago
I agree that you are, no need to post it, but hey your spot on even though you think ur funny. always have been always will be and you admit it, great. thanks for being you, when you finally are right about GSEs please share, I cant wait
👍️ 1
Sammy boy Sammy boy 5 hours ago
$13 by Friday, I’m an idiot!
👍️0
tuzedaze tuzedaze 21 hours ago
"While the media often depicts Pershing Square as having wealthy investors, our funds are held by thousands of small shareholders as well as pension funds and other fiduciaries that invest on behalf of retirees and other small investors," Ackman wrote in a post earlier this month.

https://www.thestreet.com/real-estate/billionaire-bill-ackman-doubles-down-on-bold-housing-market-bet
👍️ 1 💯 1
archilles archilles 22 hours ago
Bill Ackman said he would expect it to be much much higher
👍️ 2
Sammy boy Sammy boy 23 hours ago
Crappy Day, Sherwin, $13 by Friday, I’m an idiot!!
👍️ 1
archilles archilles 23 hours ago
Trump recently said he would like to return FnF to privatization with the backing of the government.
👍️ 2
trunkmonk trunkmonk 23 hours ago
Almost all gains gone today, but not big volume. It’s either not concluded, no one cares yet not good news, or something else was expected and didn’t occur. If one wants, I would appreciate clarification on today’s group hug.
👍️ 1
Louie_Louie Louie_Louie 1 day ago
https://www.thestreet.com/real-estate/billionaire-bill-ackman-doubles-down-on-bold-housing-market-bet

Good read! Positive
👍️ 3 🚀 2
2latefortears 2latefortears 1 day ago
Agree
👍️0
trunkmonk trunkmonk 1 day ago
I doubt we will hear much about it, but whatever they talk about WILL show up as trade volume in FNMA and FMCC.
👍️0
2latefortears 2latefortears 1 day ago
We will be meeting with the CEO of Zillow today. I’m looking forward to it!— Pulte (@pulte) June 17, 2025
👍️ 1
trunkmonk trunkmonk 2 days ago
way to go Neo, there were very large buys but it settled back down. 10 and 8 appear to be the top today for GSEs

NeoSunTzu

Re: F2Twins post# 833637

Monday, June 16, 2025 12:15:05 PM

Post#
833692
of 833717
@ F2 and JWood:

Thank you, F2, for your clarification of who you advocate for; however, whether intentionally, or unintentionally, the minute you slapped the “F2Truth” name on that letter, the content of that letter, and then sending it to Bessent at Treasury under the “F2Truth” name you ostensibly spoke in EVERYONE’s name who has been fighting against this theft for going on two decades now, which is why I so vehemently oppose(d) what you are advocating. Although, I DO understand that position, but again, it is the very capitulation that the ne'er-do-wells, in the name of government, have used throughout history to contiuously take more and more from rightful, lawful owners.

Again, here is the basis of my position, not necessarily aimed at you F2, but for all those who need the wider, non-capitulation picutre.

Fiderer and Rosner have stated all this as well as can be stated; it is financially ignorant to take the government’s narrative (more truthfully, the financial establishment’s narrative, i.e. for the politicians and others who are too lazy or equally corrupt) as a basis for capitulation in further theft. Anyone who is too impatient now because you want your quick returns on your speculation you should sell. This is a fight WHICH WILL END during the Trump administration, I am confident of that, but for the good of the future should follow the Constitution, takings law, conservatorship and shareholder law, as closely as possible or much worse WILL continue to happen. While NOT rewarding the obvious corruption.

Anyone who does not understand the original intention of the conservatorship, through its actual execution, as being an operation to close the GSEs down, take the assets, and remake the secondary mortgage market in the name of the hidden financial establishment powers behind the politicians is, again, either an uncritical thinker, politically or economically ignorant, corrupt, or working in the name of the corruptors.

The 8-0 jury decision finally exposed the self-dealing arrangement for its defacto non de jure operation, and has put us on sound legal footing to continue fighting the narrative and the theft; furthermore, the obvious financial health and strength of the companies speaks for the growing investment from funds and institutional investors which further strengthens our position, support base, and potential legal takings cases. And make no mistake about it – execute those warrants and you ripen a takings case – obvious, pure, and simple. The so-named “F2Truth” and capitulation is financially and economically undesirable, snubs its nose at shareholder and conservatorship practices and law, and should soon be legally indefensible.

Let’s recap: The original ostensible reason and function of the conservatorship was to shore up the GSEs and “return” them to their role in supporting the secondary mortgage market. But here’s what actually occurred:

• In fact, they were used as a pass through to assist the Fed and Treasury with bailing out the TBTF fail banks – their original capital was swiped, those continuing to make their home mortgages allowed the Treasury to act as if Treasury was making good on the agency MBS payments while GSE capital allowed Treasury to continue facilitating the $700 B they made available to the banking system – all of it was electronic entries but equivalent to massive “paper printing” which GSE cash flows from mortgages supported. TBTF MBS was the complete trash that needed support.
• The original agreement has gone through numerous amendments, each timed or designed to coincide with a new narrative to counteract either destroyed narratives or GSE profitability and viability – all in the name of keeping the GSEs in conservatorship until some event, political or economic, triggered a reason for receivership.
----------- The most egregious of which being the Net Worth Sweep and the paying of cash dividends – who in their honest, legal right mind forces cash dividends on companies in conservatorship – especially those who they narrate as being unviable?!
• $300 B taken from the GSEs represents almost $100 B more than a 10% return to the government on their line of credit – again electronic entry line of credit support – while the GSEs had to pay cash
• TBTF banks left the GSE’s with roughly $145 B in bad mortgage paper for which the government, under Obama, agreed to take much less in return for payments and support of “democratic” organizations and institutions … NONE of it was counted as repaying GSE line of credit, nor was it refunded to the GSEs
• The companies have retained $160 B in capital from NORMAL OPERATIONS of their businesses.

How does that reconcile with gifting the government 80% more?!!!

Finally, JWood, your entire post is complete nonsense, but I'll start with this:
I totally agree with F2. In fact, I think the reason this administration has NOT released the GSEs is precisely because of what is happening on this board.

Numerous shareholders have expressed the "all or nothing" approach. Either we get it all, and government gets nothing, or we sue. Extensively. And the threat of lawsuits is freezing the government, because lawsuits will drag out this situation for years to come, far beyond the length of Trump's term. And, in the meantime, will freeze the GSEs assets so that neither the government nor shareholders get anything until the lawsuits are resolved.


This borders on the numerical, financial, or analytical equivalent of functional illiteracy to state that anyone who fights against the government getting 80% more of companies with realistic market values in the hundreds of billions, if not over a trillion dollars, for less than $100k is taking an “all or nothing” approach. Your comment almost doesn’t deserve a reply other than to point out its ignorance of the facts and circumstances. The above recounting, which is not even a full comprehensive accounting, surely represents the actions of a less than honest and forthright actor that deserves no further exaction.

They should either sell the warrants back to the companies or void them – this will obviate any need for litigation – for those who see this a solution impediment. Then, given all that has transpired, again, recounted above, come clean with all the financial remunderations rightly due TO THE COMPANIES, and ONLY then find an elegant solution with the current senior preferred shares to possibly share in a much more shareholder and conservatorship responsible way the profitability of the companies which under our law mainly belongs with shareholders.
👍️ 1 💯 1
Guido2 Guido2 2 days ago
What in hell is decent about swindling $301 billion equity and proposing to loot hundreds of billions more?
Historical comparisons to @FHFA & @USTreasury would be Attila the Hun and Genghis Khan.

Are you totally devoid of recognizing property rights and fair play?— Guido da Costa Pereira (@GuidoPerei) June 16, 2025
👍️ 1
Guido2 Guido2 2 days ago
A response to Pulte post yesterday:
Enlisting FNMA and FMCC on the NYSE would make a great Father’s Day present!— CertifiedJoshua (@CertifiedJoshua) June 16, 2025
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trunkmonk trunkmonk 3 days ago
Warren wanted to keep using Medicaid for illegals and continue the Obamacare legacy of ripping off taxpayers and shareholders alike. Beast. I think this weekend changed the minds of many to help make sure everything the Democrats try and touch, fails
👍️ 1
tuzedaze tuzedaze 3 days ago
Happy Father’s Day….
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navycmdr navycmdr 3 days ago
Gary Hindes article June 9 pic.twitter.com/EtRHODI1md— Cmdr Ron Luhmann (@usnavycmdr) June 15, 2025

pic.twitter.com/oSfSeQlsKL— Cmdr Ron Luhmann (@usnavycmdr) June 15, 2025
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navycmdr navycmdr 3 days ago
$Booom - Trump has a plan to remake the housing-finance system. It’s baffling to many lawmakers and experts.

The question of what to do with Fannie and Freddie, the two dominant mortgage financiers, has bedeviled policymakers for decades.



By Katy O'Donnell - 06/15/2025

https://www.politico.com/news/2025/06/15/trump-housing-fannie-freddie-mortgage-treasury-00403780

GOP lawmakers and the mortgage industry are raising questions about the Trump administration’s plans to maintain government control over much of the nation’s housing finance system, defying expectations that it would back off.

President Donald Trump surprised the industry late last month by pledging to take public Fannie Mae and Freddie Mac, the government-controlled companies that stand behind half the $16 trillion residential mortgage market — while preserving an implicit federal guarantee for their solvency. His top housing regulator, Bill Pulte, who oversees the companies, added to the confusion by saying the administration is exploring ways to sell shares while keeping the companies under government authority.

The insistence on preserving significant sway over the two mortgage giants, which were seized by the Bush administration during the financial crisis and placed in conservatorship, is setting up a potential rift with Republicans — and possibly even some administration aides who have long worked to reduce the government’s footprint in the housing market.

“I want to get them out of conservatorship,” said Sen. Mike Rounds (R-S.D.), chair of the Senate Banking subcommittee with oversight of Fannie and Freddie. “But I want to be very careful about how we do it, because we need the secondary market, and we need it to work,” he added, referring to the market where mortgage loans are purchased and sold to investors.

Rep. Andy Barr (R-Ky.), a member of the House Financial Services Committee, said “we need to continue to investigate recapitalization and releasing” the companies from government control.

The question of what to do with Fannie and Freddie has bedeviled policymakers for decades, with Republicans wanting the government to take its hands off housing finance and Democrats fearing that privatizing the firms would destabilize the market and push up mortgage rates.

At stake is a potential windfall of hundreds of billions of dollars for an administration that is staring at massive fiscal deficits. The government holds a roughly $340 billion liquidation preference for the two companies, by one estimate — meaning the money would go to the Treasury Department before anyone else in the event of a sale.

Pulte, the director of the Federal Housing Finance Agency, will meet with Treasury Secretary Scott Bessent and Securities and Exchange Commission Chair Paul Atkins on June 17 to discuss the future of Fannie and Freddie, underscoring the importance of the issue.

Fannie and Freddie don’t make loans themselves, but rather purchase them from mortgage companies and bundle them into securities to sell on the secondary market, freeing up the lenders to make more loans. That, plus the government guarantee, helps keep mortgage rates down, supporters say.

Trump was widely expected to support privatization, after his first administration worked to prepare the companies for their eventual release. But his latest comments look more like what former President Joe Biden would do, according to Jim Parrott, a nonresident fellow at the Urban Institute and a former economic adviser in the Obama White House.

“In the Biden administration, you could imagine a version of this,” Parrott said. “The fact that we’re hearing about it in this administration, I think, is catching folks by surprise.”

The FHFA responded in an email that it is “studying how, if the President elects to take Fannie and Freddie public, it can be done in the safest and soundest manner which includes keeping them in conservatorship.” It added: “In any scenario, we will ensure the [mortgage-backed securities] market is safe and sound and that there is no upward pressure on rates.”

White House deputy press secretary Harrison Fields said the administration “is committed to strengthening the Federal Housing Finance Agency to advance the President’s mission of restoring the dream of homeownership for all Americans.”

Keeping Fannie and Freddie in conservatorship, according to one shareholder, amounts to attaching “training wheels” as the government figures out how to monetize its stake.

“I think Pulte has probably confused people more than anything with his message,” said Tim Pagliara, a shareholder and author of the book “Another Big Lie: How the Government Stole Billions from the American Dream of Home Ownership and Got Caught!”

“So the idea, for example, of allowing these entities to operate in conservatorship is a strategy that they probably talked about with the investment bankers on their primary concern, which is mortgage rates going up,” he added. “It’s like putting training wheels on a bike.”

The administration’s pronouncements have perplexed housing finance analysts who are unsure of what a scheme to take the companies public while keeping them in conservatorship would look like — or whether there would be sufficient investor appetite to make it worthwhile. JPMorgan strategists wrote in a note that they were “flummoxed” by the comments.

“It’s just hard to imagine why anybody would think there would be strong investor interest in that kind of model, unless the government were to convey they were going to run the [government-sponsored enterprises] in a way that’s investor-friendly, and I think we’re a long way off from that,” Parrott said.

David Dworkin, president and CEO of the National Housing Conference, a stakeholders’ group, agreed.

“The most important element of a successful stock sale is a board that is truly independent and has a fiduciary responsibility to shareholders,” he said. “Under conservatorship, that is actually not even allowed. So, without an independent board with a fiduciary responsibility to the shareholders, there is no value to the stock.”

Still, he said, “there are far too many comments coming from major players, including the president of the United States, to avoid the conclusion that major action on conservatorship could be in the very near future.”

Another housing finance analyst, granted anonymity to frankly discuss the nascent plans, also expressed skepticism about the idea that investors would bite on purchasing shares in conservatorship, with the federal government still owning the vast majority of the asset.

“The direction of that control can change at the next election,” the analyst said. “Each administration has already demonstrated they want to use Fannie and Freddie in different ways, so what are you investing in?”

For the most part, Republican lawmakers are keeping their powder dry as they wait for additional details about the administration’s plans.

“[Senate Banking Committee] Chairman [Tim] Scott looks forward to hearing more” from Trump and Pulte on their plans for Fannie and Freddie, spokesperson Ben Watson said.

Asked if conservatorship should end, Sen. John Kennedy (R-La.), a member of the Banking subcommittee with oversight of Fannie and Freddie, said, “I don’t know.”

“We’re going to wait until the first quarter of 2026 to have that conversation,” said Rep. Mike Flood (R-Neb.), chair of the Financial Services housing subcommittee. “Releasing them from conservatorship, that’s one thing, but most of the folks I talked to still want the federal government on the hook.”

The first Trump administration worked to build capital at the companies to prepare them for the end of conservatorship, an effort led by then-Treasury Secretary Steve Mnuchin and former Federal Housing Finance Agency Director Mark Calabria.

Calabria has returned for Trump 2.0, now in a position with the White House Office of Management and Budget. Two key Treasury officials — Jonathan McKernan and Luke Pettit — also hail from the school of thought that Fannie and Freddie should be released from conservatorship.

“The Treasury Department has not really engaged on this yet — so it does not appear to me that the administration is very far into the analysis of options phase,” Parrott said. “Until the Treasury Department really engages in any of this meaningfully, it’s hard to know where all this lands.”

Filed under: Mortgage Lending,
👍️ 4 🚀 1 ✅️ 1
Lite Lite 4 days ago
Looking for a money source - instead of sitting on their thumbs, those do nothings can go and pound sand.
👍️0
Guido2 Guido2 4 days ago
@POTUS @DirectorPulte @SecScottBessent @SecretaryTurner @howardlutnick @BillAckman

ONLY DAMN IDIOTS AND DAMN CROOKS WANT THE GOVERNMENT TO SWINDLE MORE FROM FANNIE AND FREDDIE!

Fannie and Freddie belong to the shareholders.

Ginnie Mae belongs to the government. Government can…— Guido da Costa Pereira (@GuidoPerei) June 14, 2025
👍️0
Guido2 Guido2 4 days ago
ONLY DAMN IDIOTS AND DAMN CROOKS WANT THE GOVERNMENT TO SWINDLE MORE FROM FANNIE AND FREDDIE!

Fannie and Freddie belong to the shareholders.

Ginnie Mae belongs to the government. Government can IPO Ginnie Mae. NOT FANNIE! NOT FREDDIE!
👍️0
trunkmonk trunkmonk 4 days ago
warren and schumer, the lead Mafia heads, want an answer by the 18th
😀 1
nagoya1 nagoya1 5 days ago
Radio silence from Pulte and CEO increased compensation. Looking better and better for uplisting.

I don’t fully understand Wednesday’s meeting - yet.

Many important people meeting can’t be about exchanging hair coloring tips.

We have enough of ted Sherwin coming at the end of the day. Lol
Fmcc
👍️ 4
Guido2 Guido2 5 days ago
Read comments to attached too:

New $FMCC 8-K just dropped. Nothing substantial. Just increasing CEO compensation. $FNMA pic.twitter.com/9I0HXXFB8x— Mustard Capital (@MustardNoMayo) June 13, 2025

🚀🚀🚀

ChatGPT on deferred pay. $fnma $fmcc pic.twitter.com/Xwupg1XgJo— Shawn Dunavant (@DunavantSh58880) June 13, 2025
👍️ 5 ✅️ 1
navycmdr navycmdr 5 days ago
Freddie Mac CEO Compensation Changes Approved - Story Highlights

FHFA approved changes to Michael T. Hutchins’ compensation on June 13, 2025.

His deferred salaries will increase in 2025 and 2026, impacting executive compensation.

The latest update is out from Freddie Mac.

On June 13, 2025, the Federal Housing Finance Agency approved changes to the compensation of Michael T. Hutchins, President and Interim CEO of . His base salary remains at $600,000, while his fixed and at-risk deferred salaries are set to increase in 2025 and 2026, which may impact the company’s executive management compensation structure.

Spark’s Take on FMCC Stock

According to Spark, TipRanks’ Analyst, FMCC is a Outperform.

Freddie Mac’s overall stock score is driven primarily by its strong financial performance and positive technical indicators. The company’s robust revenue growth and debt-free position bolster its financial health.

However, the low equity ratio and negative P/E ratio highlight potential risks and valuation concerns, respectively. The absence of earnings call data and corporate events reduces the comprehensiveness of the analysis.
👍️ 1 💥 2 🚀 2
Sammy boy Sammy boy 5 days ago
Crappy Day, Sherman other jackass called $10.

What a couple of mush’s!
👍️ 1
2latefortears 2latefortears 5 days ago
"cash dividends in conservatorship are always corrupt. " An explainer

After 17 yrs, few want to relitigate the origins of the GSE conservatorship, tho some frame the current debate over their future as "the fruit of a poisonous tree," meaning cash dividends in conservatorship are always corrupt. An explainer 🧵. 1/#https://t.co/BhKWGcGZ5S— David Fiderer (@Ny1david) June 13, 2025
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Guido2 Guido2 5 days ago
@POTUS @DirectorPulte @SecScottBessent @SecretaryTurner @howardlutnick @SenAlexPadilla @RoKhanna

Below is EXACTLY what our government has done to Fannie Mae and Freddie Mac since 2008! https://t.co/nc7hD8oMgH— Guido da Costa Pereira (@GuidoPerei) June 13, 2025
👍️ 2
Sammy boy Sammy boy 5 days ago
JA 2 called 10, red for sure !
👍️0
navycmdr navycmdr 5 days ago
post Fanie/Freddie news on X ... its Free & you won't be deleted ...

@pulte Over the course of the conservatorship, the GSEs paid over $301 billion back in dividends, fully repaying the initial federal investment on the original terms. pic.twitter.com/F1YrAsUr1I— Cmdr Ron Luhmann (@usnavycmdr) June 13, 2025
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navycmdr navycmdr 5 days ago
Over the course of the conservatorship, the GSEs paid over $301 billion back

in dividends, fully repaying the initial federal investment on the original terms.

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Lite Lite 5 days ago
Just who is ‘Housing for US’? I looked at their website and couldn’t find any info about how they are funded.
🤣 1
navycmdr navycmdr 5 days ago
Fannie & Freddie may go public. If Fannie Mae and Freddie Mac are released from federal conservatorship via a public stock offering, the proceeds should be invested in housing for middle-class U.S. workers, a coalition of labor leaders and congressional lawmakers declared Thursday during a rally at the House Triangle on Capitol Hill.

Proceeds should benefit the middle class, lawmakers say

Labor leaders join a bipartisan group of U.S. reps at a Capitol Hill rally

Luke Baynes - June 12, 2025

If Fannie Mae and Freddie Mac are released from federal conservatorship via a public stock offering, the proceeds should be invested in housing for middle-class U.S. workers, a coalition of labor leaders and congressional lawmakers declared Thursday during a rally at the House Triangle on Capitol Hill.

The event, organized by the nonprofit group Housing for US, featured speeches from a bipartisan group of U.S. representatives from New York and Wisconsin. The lawmakers were united by a shared desire to see working-class families benefit from a federal windfall resulting from selling shares of Fannie and Freddie.

The government-sponsored mortgage giants have been under federal control since the 2008 financial crisis. President Donald Trump has floated the idea of releasing the companies from that status, saying in a May 21 social media post that they are “throwing off a lot of CASH, and the time would seem to be right” to take them public again.

According to Housing for US, the projected federal proceeds from that process would be $250 billion. The nonprofit argues that those funds should be used to establish a program that makes affordable housing construction economically viable for developers. Housing for US projects that the program could yield 3.5 million housing units that would be earmarked for households earning between 80% and 165% of the median income in a designated geographic area.

“Housing is the No. 1 issue for union workers in red states and blue states alike,” Gary LaBarbera, president of the Building and Construction Trades Council of Greater New York, said at the event, according to a press release. “The rent is too high, and so is the cost of homeownership. We have a once-in-a-lifetime opportunity to responsibly release Fannie and Freddie and invest the $250 billion the federal government will reap back into America’s forgotten middle class.”

Rep. Tom Suozzi, D-N.Y., noted that homeownership is “out of reach for many hardworking Americans.” He said that reinvesting the federal proceeds from a Fannie and Freddie stock offering in a housing program would serve the dual function of addressing the country’s affordable housing crisis and creating jobs.

Rep. Nicole Malliotakis, R-N.Y. said that many middle-class workers “find themselves in limbo because they don’t make enough to afford [the] market rate but make too much to qualify for affordable housing.”

“This is an opportunity to deliver critical assistance to hard-working Americans by giving them the ability to buy homes built with American labor,” Malliotakis said.
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Guido2 Guido2 6 days ago
@POTUS @pulte @SecScottBessent @SecretaryTurner @howardlutnick @DirectorPulte ,just like his predecessors, hides the stress results. Is it because they show there’s no need to continue with the “temporary” conservatorship of Fannie Mae & Freddie Mac?— Guido da Costa Pereira (@GuidoPerei) June 12, 2025
👍️ 5 ✅️ 1
Sammy boy Sammy boy 6 days ago
Shit isn’t happening today, go home early dancers! Whale Boy hasn’t been right once !
👍️0
navycmdr navycmdr 6 days ago
Taking Fannie and Freddie Public Is Trump’s Dream.
It Might Be Just a Fantasy.

Investors, mortgage lenders, and the government
all see an angle. How it ends isn’t clear.

President Donald Trump just fired the starting gun for

what could be the biggest public offering of all time.

In a pair of Truth Social posts in May, Trump said he

wanted to take public the mortgage giants Fannie Mae

By Joe Light - June 12, 2025, 1:30 am EDT



President Donald Trump just fired the starting gun for what could be the biggest public offering of all time.

In a pair of Truth Social posts in May, Trump said he wanted to take public the mortgage giants Fannie Mae

His unexpected intervention put a spotlight on the behind-the-scenes tussle over the companies.
Well over a decade since Fannie and Freddie faltered at the height of the financial crisis, they are
being eyed by investors and the government as a value-stuffed piggy bank that is ripe to be cracked open.

Mortgage investors and home buyers are stuck in the middle.

Whether the president makes it to the finish line is an open question, but the attempt will have wide
implications for investors, the federal budget deficit, and home buyers.

The companies are the hidden gears that keep the U.S. housing market turning. The companies
don’t make mortgages themselves, but buy them from lenders, bundle them into mortgage bonds,
and guarantee repayment to investors in case of default. Through that process, they guarantee
nearly $7 trillion in mortgage-backed securities, or MBS, and provide liquidity to banks and other
mortgage lenders so they can keep making more loans. For decades their stocks were blue-chip
staples in investors’ portfolios, but the companies failed in the 2008 financial crisis and entered
a so-called conservatorship controlled by the U.S. government.

If Trump is to be believed, that is about to change.

“I am working on TAKING THESE AMAZING COMPANIES PUBLIC,” wrote

Trump. “These Agencies are now doing very well, and will help us to, MAKE AMERICA GREAT AGAIN!”

Strictly speaking the companies are already public. Before 2008, the companies
issued roughly $35 billion in preferred stock, and that stock as well as the common
shares continue to trade in the over-the-counter market.

The 2008 bailout eventually cost the Treasury about $190 billion. In return the government
received warrants to acquire nearly 80% of the companies’ common shares as well as a
new class of “senior” preferred stock that would rank above all privately owned shares in
a restructuring. Those senior preferreds now have a liquidation preference of more than
$340 billion, representing the government’s claim to proceeds in a restructuring before
other investors get paid out. How the government’s stake is resolved will determine
whether certain investors win or lose their bets on the companies.

Hedge fund managers such as Bill Ackman and John Paulson—both major Trump
supporters—scooped up shares of Fannie and Freddie for pennies on the dollar after
2008. Since Trump’s victory and the president’s statements, the shares have skyrocketed.
The market value of some classes of Fannie and Freddie’s preferred shares, favored by
many hedge funds, has more than doubled since the election. Fannie and Freddie’s
common shares, a slug of which is owned by Ackman, are up more than 500%.

Some investors have estimated that Fannie and Freddie could need to raise more than
$30 billion to have enough capital to stand on their own two feet, which would put the
offering ahead of Saudi Aramco’s $29 billion capital raise in 2019, the largest of all time.

Treasury Secretary Scott Bessent in interviews before the president’s posts said the
administration didn’t plan to tackle Fannie and Freddie until after finishing Trump’s
tax bill and tariff push. He said the administration’s guiding principle would be that
whatever is done can’t raise mortgage rates.

The Treasury Department pointed to those statements when asked for comment.

Among the least excited about a potential public offering are investors in Fannie
and Freddie’s trillions of dollars in MBS as well as the mortgage-industrial complex
of lenders, servicers, and real estate agents that depend on the steadiness of
Fannie and Freddie for a strong housing market.

Mortgage rates would likely rise if the government released Fannie and Freddie,
many analysts believe, though details are uncertain and will matter. Among them
are the level of capital the companies will be forced to hold in reserve. Depending
on that figure, Fannie and Freddie could have to raise their mortgage fees just to
earn a return on capital that is palatable to investors, which would likely raise rates.

“Remaining in conservatorship is a better outcome than a quick and poorly
conceived exit,” says Bob Broeksmit, who heads the Mortgage Bankers Association,
an industry trade group.

Any plan to return Fannie and Freddie to private hands will also need to address
whether and how the U.S. government will continue to backstop the companies’
MBS. The companies were originally chartered by Congress as quasi
governmental entities. Fannie and Freddie executives long insisted that they had
no government guarantee, but investors essentially ignored them, trading their
securities as if they had such a backstop. When the companies failed in the 2008
crisis, the government made that “implicit” backing official.

Now, some mortgage lenders and fund managers are worried about how investors
would treat the bonds if Fannie and Freddie left government control. Any doubt
about the government’s backing could cause mortgage rates to rise.

“I want to be clear, the U.S. Government will keep its implicit GUARANTEES, and
I will stay strong in my position on overseeing them as President,” Trump wrote
in a Truth Social post in May.

That latest message from the president leaves the path ahead unclear. It suggests
that despite his earlier pledge to take Fannie and Freddie public, he still intends
to retain control of them somehow. That prospect has worried some Fannie-Freddie
shareholders in recent days.

Fannie Mae Freddie Mac

There are indications that the president’s posts surprised some administration officials.
Treasury officials had told some mortgage investors in the days before the posts that
serious work wouldn’t begin on a plan until after the president’s “one, big, beautiful bill”
passed Congress, according to a person familiar with the matter.

“Any actions under consideration will be carefully evaluated in a safe and sound manner
to deliver on the president’s historic agenda,” said White House spokesman Harrison
Fields in a statement.

Former private-equity executive Bill Pulte leads the Federal Housing Finance Agency,
or FHFA, and controls the conservatorship for Trump. In meetings he has expressed
an interest in listing Fannie and Freddie shares on the New York Stock Exchange,
where they haven’t traded since 2010. That move would likely raise the price and liquidity
of shares and could make them eligible to be owned by more investors.

Otherwise, Pulte has said he is deferring to the president for what exactly should happen
with the companies, according to people familiar with the meetings.

In TV interviews since Trump’s posts in May, Pulte has said he can’t imagine Trump
relinquishing control of the companies and that the president could decide to sell shares
of the companies without them actually leaving government control.

“We are studying how, if the president elects to take Fannie and Freddie public,
it can be done in the safest and soundest manner which includes keeping them in
conservatorship,” said an FHFA spokesperson in a statement. “In any scenario, we
will ensure the MBS market is safe and sound and that there is no upward
pressure on rates.”

A plan could turn a Fannie and Freddie offering into less of a bonanza for private
shareholders and more of a government cash grab if Trump decides to hold on
to the companies but somehow monetize the government’s stake of warrants and
senior preferred shares. Sales of the shares could go to pay down the deficit or
even become the seed corn for a sovereign-wealth fund, which Trump has
expressed interest in creating.

“The hard part is we don’t even know what they’re motivated to get. Is it revenue?
Is it a payout for shareholders?” says Michael Bright, who heads the Structured
Finance Association, a trade group that represents bond investors.

Still, some analysts think that Trump will eventually get a complete release done.
Analysts for policy research firm Capstone assign an 80% probability that Fannie
and Freddie are privatized under Trump. A potential next step, say the analysts,
is an executive order from the White House that directs agencies to come up
with a release plan.

Key to Ackman and other shareholders’ investment thesis is for the government
to essentially waive its $348 billion in preferred shares. That is called for given
the $301 billion in dividends that Fannie and Freddie have paid to the government
since being taken over, the shareholders argue. If the government doesn’t waive
its preferred shares, its stake–along with that of the private preferred
shareholders–could be converted to common stock, heavily diluting private investors.

“Shareholders don’t have their hands out. The opposite is the case,” Ackman said

in an X post on June 3. “Hundreds of billions of dollars of funds that belonged
to [Fannie and Freddie] were unilaterally taken by the government years ago,
and the companies never received credit for these payments.”

But it may be an uphill climb. The first Trump administration attempted to end
government control of Fannie and Freddie before being derailed by Covid-19.
In that process, the Treasury Department found that waiving the senior
preferred balance would be illegal, former FHFA director Mark Calabria wrote
in a 2023 book. It was instead considering converting the government stake
to common equity.

Calabria now works at the Office of Management and Budget. An OMB
spokesperson did not respond to a request for comment.

Ackman and other investors have argued that if their shares are wiped out,
demand for the companies’ new shares would evaporate.

“Ultimately the government has to clarify what Treasury is going to do with
its senior preferred stake. That’s the billion-dollar question in all this,” says
Capstone analyst Spencer Van Every.

Also unanswered is whether the companies will pay a fee to the government
for their backstop, whether the government will retain a stake in the
companies, and even whether Trump will give up control.

For nearly 17 years, the countries’ largest MBS investors, hedge funds,
mortgage lenders, and the government have jockeyed over how to resolve
the last outstanding bailout from the 2008 crisis and in so doing determine
the future of $7 trillion in mortgage bonds and hundreds of billions of dollars’
worth of stock. There’s no telling where the companies end up,
but the fight is on.
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Louie_Louie Louie_Louie 6 days ago
Easy way for the government to make big $$$$. Buy out all the JPS at 65%-70% par. Issue new commons to replace them, and take them to the market at release (Trump gets his PO - not IPO). Do the JPS buyout with government funds and then use the reissue sale of more common shares to get back the money (and then some!). Easily cancel the senior preferred shares and the warrants, cherry on top is the expensive dividend JPS is gone... Is it dilution if they issue more shares to cover for the disappearing JPS??? I don't think so, it's turbo charging the commons value. do this and kill many birds with one stone. The government could even keep some of the newly issued commons to have their control or a fee (dividend) for providing the backstop. If JPS are a problem, and they are dividend wise and have been with law suits, then this is how you solve it. The companies are allowed, per the JPS contracts to buy back at anytime, no JPS vote needed. Would the JPS owners cry and scream? Sure, but they can't do anything about it. Even Trumps pal Paulson who has a ton of JPS would love this because I'm pretty sure he bought his JPS shares at far less than 65-70% par, Ackman also. You kill many birds with one stone, but the government would need to provide the front money to buyout the JPS so as not to hurt the GSE's capital or release momentum. JPS CAN NOT sue for this, unlike how the common shareholders can sue for exercise of the warrants. Just something I was kicking around, thinking about - an idea.
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trunkmonk trunkmonk 1 week ago
Well we agree on that. But anyone bashing here will be met with facts and historical and future reality according to laws, court rulings, and HERA. I’ve had it with P and short spaz’s
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Sammy boy Sammy boy 1 week ago
Wow, that Semper guy is a Spaz!
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trunkmonk trunkmonk 1 week ago
The real dummies think going up on super duper low volume means nothing until release….when in fact almost ALL parabolic moves are on low volume. Why, there are no shares in da float, and if u really want one, it will cost u much more than that moment u realize i want one. It’s called chasing, MMs love it.
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Sammy boy Sammy boy 1 week ago
Automatic profit taking key number never fails! Almost sold a little myself but not getting into my core.
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trunkmonk trunkmonk 1 week ago
Up 3% so far, ouch for the hit pieces scabs dream of finding each day. Behave kiddies, long way to go.
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Sammy boy Sammy boy 1 week ago
URA Democrats insiders buying I knew it, they don’t lose! Buying at 28 dipped to 22 now 36 in a month !
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trunkmonk trunkmonk 1 week ago
Some people know nothing, just pretend to be a source of info. they surely hate and attack GSEs and anyone who supports them. I kinda doubt many are short, I dont think they are smart enough to even know how. its really just GSE stalkers and haters that will be meaningless once they uplist. If your a new investor, please take the time to figure out who they are, and never follow their advice or opinions.
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Sammy boy Sammy boy 1 week ago
Behave yourself!
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trunkmonk trunkmonk 1 week ago
Glad to see you can at least google, shorts running scared, maybe final burn coming.

FFFreaks dont understand, it will be uplisted way before release, its not a matter of if, its when
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Sammy boy Sammy boy 1 week ago
https://www.realtor.com/news/real-estate-news/trump-fannie-freddie-conservatorship/
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trunkmonk trunkmonk 1 week ago
An army of aliases while somehow we have done wrong. I’m just glad Trump and Pulte are there. We need Bessent to give the nod to Trump. Thats the way it works.
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