Google News FNMA/FMCC
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Mike SP
Oct 19, 2025, 11:48:51 PM10/19/25
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New Thread for Google FNMA/FMCC Posts
other thread was too long -
Gimme Some News
News I Can Use
Mike SP
Oct 20, 2025, 1:21:02 PM10/20/25
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Mike SP
Oct 22, 2025, 6:53:35 PM10/22/25
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FNMA gets attention
El-Balad.com
49 minutes ago
Mike SP
Oct 23, 2025, 9:59:09 PM10/23/25
to Fannie and Freddie Preferreds and Commons Message Board
Court filings reveal new details in Fannie Mae lawsuit
A pair of court documents filed over the past week present arguments for and against the dismissal of an employment discrimination complaint leveled against Fannie Mae by former employees who were fired in April for alleged fraudulent activity related to the company’s charitable giving program.
Initially filed in July by 65 former Fannie workers, the lawsuit has been pared down to 44 plaintiffs, each of whom are U.S. citizens of Indian national origin, and most of whom are over the age of 50. They deny any wrongdoing and allege they were discriminated against based on their national origin and age.
On Sept. 23, attorneys for Fannie Mae filed a motion to dismiss the case, arguing the plaintiffs are bound by arbitration agreements that preclude litigation.
The crux of the defendants’ argument is a Jan. 21, 2015, email sent by Fannie Mae’s chief of human resources, advising employees of updates to the company’s arbitration program that went into effect in April of that year.
The plaintiffs claim they were given no option to negotiate or opt out of the arbitration agreement, and that the email only required them to acknowledge they had received it.
An exhibit shows the plaintiffs were also provided a questionnaire that stated, “I understand that the Mutual Arbitration Agreement will apply to me if I continue to work at Fannie Mae and am employed by Fannie Mae on April 6, 2015.”
The plaintiffs’ attorneys argue that “the question purportedly propounded appears to have elicited a reply that the individual ‘understands’ that the Agreement applies to them and not that the individual has accepted that offer.”
Attorneys for Fannie Mae, in a response filed Wednesday, claim that “all the evidence indicates the Plaintiffs intended to be bound by the Agreement and understood that they would be,” and “it is simply not true that Plaintiffs had no options upon receipt of the Agreement.”
The defendants’ reply continued: “Most obviously, Plaintiffs could have chosen NOT to answer the questionnaire. They could have contacted someone at Fannie Mae to raise concerns or questions. They could have asked what would happen if they did not answer the questionnaire. They could have used the three months between notification and the effective date to obtain alternative employment.”
It will be up to U.S. District Judge Randolph D. Moss to decide whether to dismiss the case and compel arbitration or proceed with the plaintiffs’ request for a jury trial.
Mike SP
Oct 26, 2025, 12:37:22 AM10/26/25
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Politico
12 hours ago
Mike SP
Nov 1, 2025, 10:47:54 PM11/1/25
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SCANDAL - Umamaheswararao Nizampatnam
Ya Gotta Read This One
Mike SP
Nov 2, 2025, 11:57:29 AM11/2/25
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Workforce Restructuring Amid Leadership Overhaul
Yahoo Finance
5 hours ago
AD HOC NEWS
7 hours ago
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Mike SP
Nov 3, 2025, 12:30:08 AM11/3/25
to Fannie and Freddie Preferreds and Commons Message Board
Serious Lack of News from Google Finance - Sunday Night
Mike SP
Nov 5, 2025, 9:38:31 PM11/5/25
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Very Interesting, Very Interesting
HousingWire
3 hours ago
By Flavia Furlan Nunes
Mike SP
Nov 7, 2025, 11:06:02 PM11/7/25
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Bloomberg.com - 10 hours ago
____-----____-----_____------______-------
Mike SP
Nov 9, 2025, 4:19:49 PM11/9/25
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Big Deal - I think Pulte/Trump have Re-Listing
on their Minds To Make-Up for it - Load Up
HousingWire
23 hours ago
Mike SP
Nov 13, 2025, 11:08:42 AM11/13/25
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StocksToTrade
1 hour ago
Yahoo Finance
17 hours ago
Mike SP
Nov 14, 2025, 6:28:37 PM11/14/25
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All About Bill Pulte - SCANDAL
Mother Jones
6 hours ago
Mike SP
Nov 15, 2025, 12:58:22 PM11/15/25
to Fannie and Freddie Preferreds and Commons Message Board
22 hours ago
By Matt Carter
Mike SP
Nov 15, 2025, 11:24:03 PM11/15/25
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Mike SP
Nov 17, 2025, 11:40:08 PM11/17/25
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Mike SP
Nov 18, 2025, 3:04:26 PM11/18/25
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Ackman - Ackman - Ackman
Fox Business
1 hour ago
Multifamily Housing News
2 hours ago
Bloomberg.com
2 hours ago
Seeking Alpha
2 hours ago
Mike SP
Nov 20, 2025, 3:03:12 PM11/20/25
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Mike SP
Nov 20, 2025, 6:34:42 PM11/20/25
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Yahoo Finance
Investing.com South Africa
30 minutes ago
Mike SP
Nov 21, 2025, 9:34:53 PM11/21/25
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11/21 No News on Google FNMA worth citing -
Dry as Dust
Everything is Ackman-IPO-over and over - good sign
Mike SP
Nov 23, 2025, 9:15:01 PM11/23/25
to Fannie and Freddie Preferreds and Commons Message Board
Fannie Mae - All The Way ||| Freddie Mac, Too
Fortune
10 hours ago
17 hours ago
Mike SP
Nov 25, 2025, 1:27:10 PM11/25/25
to Fannie and Freddie Preferreds and Commons Message Board
Message has been deleted
Mike SP
Nov 26, 2025, 10:17:21 AM11/26/25
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Mike SP
Nov 26, 2025, 2:03:06 PM11/26/25
to Fannie and Freddie Preferreds and Commons Message Board
6 hours ago
2 days ago
That's the New York City Housing Authority
Mike SP
Nov 27, 2025, 11:48:25 PM11/27/25
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Mike SP
Dec 1, 2025, 10:03:26 AM12/1/25
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Mike SP
Dec 2, 2025, 10:39:55 PM12/2/25
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Mike SP
Dec 2, 2025, 10:47:31 PM12/2/25
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Mike SP
Dec 3, 2025, 9:07:10 PM12/3/25
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Mike SP
Dec 10, 2025, 11:36:08 PM12/10/25
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Snippet: The only “safe” Fannie is a dead Fannie.
20 hours ago
By David A. Stockman
Mike SP
Dec 18, 2025, 8:14:49 PM12/18/25
to Fannie and Freddie Preferreds and Commons Message Board
Unions Say: Release Fan and Fred
New York Post
Mike SP
Jan 7, 2026, 2:01:52 AMJan 7
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Mike SP
Jan 8, 2026, 10:55:18 PMJan 8
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This is HUGE - 1 hr ago
Benzinga
1 hour ago
By Vishaal Sanjay
Mike SP
Jan 24, 2026, 5:56:14 PMJan 24
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Mike SP
Feb 4, 2026, 6:01:27 PMFeb 4
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2 hours ago
Mike SP
Feb 12, 2026, 11:11:25 PMFeb 12
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Any Dots Here to Connect?
CNBC
10 hours ago
Mike SP
Feb 17, 2026, 7:31:31 PMFeb 17
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22 hours ago
Mike SP
Feb 25, 2026, 6:05:38 AMFeb 25
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Mike SP
Feb 28, 2026, 10:26:26 PMFeb 28
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10 hours ago
By Sheila Bair
Former Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury
Mike SP
Mar 15, 2026, 7:32:09 PMMar 15
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FNMA/FMCC
Pershing Square's bet on government-sponsored enterprises
This all adds up to a compelling investment story, but Ackman has a knack of adding significant value through investment coups, such as hedging the portfolio ahead of the pandemic shock in early 2020 and the acquisition of its stake in Universal Music at a low price in 2021. The latest is the bursting into life of positions bought in 2013 at around $1 a share in the Federal National Mortgage Association and the Federal Home Loan Corporation, generally known as “Fannie Mae” and “Freddie Mac”. These are government-sponsored enterprises (GSEs) whose purpose is to bundle mortgage loans into tradable securities with an implicit government guarantee. This enables lenders to reinvest in new mortgages, thereby expanding their availability.
In the run-up to the 2008 financial crisis, mortgage underwriting standards became very loose. Fannie Mae and Freddie Mac suffered large losses and were bailed out by the US government at a cost of $190 billion. Under the terms of the bailout, they had to pay a 10% cash dividend on preferred stock and grant warrants entitling the US Treasury to 80% of the ordinary shares. However, the pair kept having to borrow more from the Treasury to pay the 10% dividend. Hence in 2012, the Obama administration amended the terms so that the Treasury simply received 100% of quarterly profits.
This “net worth sweep” ended in 2019, with Fannie Mae and Freddie Mac then retaining their earnings to build up their capital. By that point, the Treasury had received $301 billion of dividends, giving it an 11.6% rate of return and $25 billion more than owed under the original plan for a 10% dividend.
The government's position is that it still owns the preferred stock (and the warrants for common stock) and is entitled to interest foregone since 2019. Ackman instead argues that the preferred stock should now be regarded as fully repaid. This would, in effect, leave the US Treasury with around 80% of the ordinary shares.
At present, the shares trade over the counter, but Trump, treasury secretary Scott Bessent and commerce secretary Howard Lutnick have signalled they believe it is time to re-list them on the New York Stock Exchange. The attraction for the administration may be partly ideological (in 2021, Trump described the sweep as the US government “steal[ing] money from its citizens”) but also because they could be worth a significant amount. - Ackman estimates that an 80% stake is already worth $300 billion and believes that could easily double or treble from here. So he argues that the Treasury's warrants should be exercised and the shares listed on the NYSE but “now is not the right time to sell” the government's stake. He also wants to see a continued “conservatorship” (ie, regulatory oversight) by the Treasury to keep the firms focused on guaranteeing mortgages without the past practice of taking on new lines of business, and advocates a requirement for significantly higher reserves than in the past.
Huge upside for Pershing Square
Why does this matter for shareholders in Pershing Square? Those Fannie Mae and Freddie Mac shares, which were bought for a pittance in 2013, appreciated 207% and 284% respectively in 2024. At that point, Ackman estimated “an upside of five or six times in two to three years”. From the disclosed portfolio attribution for 2024, it is possible to estimate that the holdings accounted for between 5% and 6% of the portfolio. They have since nearly doubled. Net of performance fees and taking account of the appreciation of the rest of the portfolio, the two holdings are likely to account for nearly 10% of the portfolio today.
Ackman estimated late last year that they were trading on just 3.5 and 2.5 times next year's earnings. At his “illustrative” post-listing target of over $40 a share each (earnings multiples of 16 and 13), those holdings would quintuple in value from their current share prices. Net of the manager's profit share, that would add at least 25% to PSH's NAV. With the rest of the portfolio also contributing and the discount likely to fall sharply on such a coup, the upside to the share price would be significantly greater.
Shares in Fannie Mae and Freddie Mac peaked at a 17-year high in September, but have retreated as the Trump administration appears to be focused on other priorities. Still, it is surely not going to look a gift horse in the mouth. If and when it decides to re-list Fannie Mae and Freddie Mac, Pershing Square Holdings's shares are likely to jump.
Pershing Square's bet on government-sponsored enterprises
This all adds up to a compelling investment story, but Ackman has a knack of adding significant value through investment coups, such as hedging the portfolio ahead of the pandemic shock in early 2020 and the acquisition of its stake in Universal Music at a low price in 2021. The latest is the bursting into life of positions bought in 2013 at around $1 a share in the Federal National Mortgage Association and the Federal Home Loan Corporation, generally known as “Fannie Mae” and “Freddie Mac”. These are government-sponsored enterprises (GSEs) whose purpose is to bundle mortgage loans into tradable securities with an implicit government guarantee. This enables lenders to reinvest in new mortgages, thereby expanding their availability.
In the run-up to the 2008 financial crisis, mortgage underwriting standards became very loose. Fannie Mae and Freddie Mac suffered large losses and were bailed out by the US government at a cost of $190 billion. Under the terms of the bailout, they had to pay a 10% cash dividend on preferred stock and grant warrants entitling the US Treasury to 80% of the ordinary shares. However, the pair kept having to borrow more from the Treasury to pay the 10% dividend. Hence in 2012, the Obama administration amended the terms so that the Treasury simply received 100% of quarterly profits.
This “net worth sweep” ended in 2019, with Fannie Mae and Freddie Mac then retaining their earnings to build up their capital. By that point, the Treasury had received $301 billion of dividends, giving it an 11.6% rate of return and $25 billion more than owed under the original plan for a 10% dividend.
The government's position is that it still owns the preferred stock (and the warrants for common stock) and is entitled to interest foregone since 2019. Ackman instead argues that the preferred stock should now be regarded as fully repaid. This would, in effect, leave the US Treasury with around 80% of the ordinary shares.
At present, the shares trade over the counter, but Trump, treasury secretary Scott Bessent and commerce secretary Howard Lutnick have signalled they believe it is time to re-list them on the New York Stock Exchange. The attraction for the administration may be partly ideological (in 2021, Trump described the sweep as the US government “steal[ing] money from its citizens”) but also because they could be worth a significant amount. - Ackman estimates that an 80% stake is already worth $300 billion and believes that could easily double or treble from here. So he argues that the Treasury's warrants should be exercised and the shares listed on the NYSE but “now is not the right time to sell” the government's stake. He also wants to see a continued “conservatorship” (ie, regulatory oversight) by the Treasury to keep the firms focused on guaranteeing mortgages without the past practice of taking on new lines of business, and advocates a requirement for significantly higher reserves than in the past.
Huge upside for Pershing Square
Why does this matter for shareholders in Pershing Square? Those Fannie Mae and Freddie Mac shares, which were bought for a pittance in 2013, appreciated 207% and 284% respectively in 2024. At that point, Ackman estimated “an upside of five or six times in two to three years”. From the disclosed portfolio attribution for 2024, it is possible to estimate that the holdings accounted for between 5% and 6% of the portfolio. They have since nearly doubled. Net of performance fees and taking account of the appreciation of the rest of the portfolio, the two holdings are likely to account for nearly 10% of the portfolio today.
Ackman estimated late last year that they were trading on just 3.5 and 2.5 times next year's earnings. At his “illustrative” post-listing target of over $40 a share each (earnings multiples of 16 and 13), those holdings would quintuple in value from their current share prices. Net of the manager's profit share, that would add at least 25% to PSH's NAV. With the rest of the portfolio also contributing and the discount likely to fall sharply on such a coup, the upside to the share price would be significantly greater.
Shares in Fannie Mae and Freddie Mac peaked at a 17-year high in September, but have retreated as the Trump administration appears to be focused on other priorities. Still, it is surely not going to look a gift horse in the mouth. If and when it decides to re-list Fannie Mae and Freddie Mac, Pershing Square Holdings's shares are likely to jump.
Mike SP
Mar 16, 2026, 11:10:00 AMMar 16
to Fannie and Freddie Preferreds and Commons Message Board
Mike SP
Mar 28, 2026, 1:04:44 PMMar 28
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Mike SP
Mar 30, 2026, 9:03:06 AM (13 days ago) Mar 30
to Fannie and Freddie Preferreds and Commons Message Board
19 minutes ago
By William White
Mike SP
Apr 11, 2026, 1:20:29 PM (20 hours ago) Apr 11
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