Fannie Mae (QB) (FNMAH) News

$BOOM!! GREAT find SAM. All this "good news" continues to move pps.

3:10 to Yuma straight down hill.

From Senate confirmation to current red is our color. Recall all the cartoon Lamberth Judge posts by SAM, hope you realize posted to suck you in whilst dumping shares.

Be cautious with Sam. Oh $BOOM

Remember that time we skipped right over your wall?

https://www.fitchratings.com/research/non-bank-financial-institutions/fannie-freddie-conservatorship-exit-would-not-be-immediate-ratings-catalyst-08-01-2025

The synopsis of the article above is that Fitch is concerned how the exit from conservatorship occurs. Although, I am not sure beyond mere perception that means to the GSEs at this point. They cannot borrow money from anyone but the US Treasury at this point so a credit rating impacts are kind of not in the picture. However, they are saying they want to see some permanent government stake in the company IE a govt backstop if something were to go wrong and they want to see the GSEs meet the capital requirements.

Why dismiss Craig Phillips hes on our side?

There will not be a sale of 79.99% of common stocks. The warrants are illegal. Check their congressional charter. Its a federal law. FNMA "may issue shares of common stock for appropriate capital". 79.99% of common equity issued for $78,000 does not meet the definition of "appropriate capital". Do some research to find out what "appropriate capital" means and then stop advocating for theft of personal property by the government. Thats called communism. 

Who can explain why it would be just the warrants that goes into sovereign fund and not the senior preferred too?  We should not be excited about something of ours going into sovereign funds. Both shd be cancelled is the right answer

" I'm your Huckleberry ! " Bill Pulte is CLEANING the HOUSE !



What does Pulte’s power play mean for the future of Fannie and Freddie?

Marty Green, a principal with the law firm Polunsky Beitel Green LLP, thinks that

board shakeups will accelerate Fannie & Freddie’s departure from FHFA conservatorship.

He did not say that, he glazed over the comment and skipped right over.

if the GOVT wants "it's stake" in the GSEs to GROW

simple .... UPLIST to NYSE & let the mkt value the shares ...

Yess. Sounds for me like Bill Ackman's plan being executed. 🚀 🚀 🚀 🚀

Soon $30-40.
Relist on NYSE by friday please...next action.

To be clear , the fund when they sale 79.99% FnF stakes. Now is make FnF rise , so that fund get bigger. Make FnF Great Again

Another great video.  Bessent just said Fannie and Freddie are headed into the Sovereign Wealth Fund at the 53:37 time mark.  Huge.
🚨 Treasury Secretary Scott Bessent considers placing government stakes in $FNMA and $FMCC into a new U.S. Sovereign Wealth Fund. 🚨 👀 @theallinpod @pulte @SecScottBessent @BillAckman @realDonaldTrump

Minute 53:37https://t.co/F9HAxNULDe— T Mor (@t_mor) March 19, 2025

Great post.  I agree fully.  HUDification is the new word now.  In a nutshell it means release.

Correct.  This is why Pulte let go 14 board members and made himself Chairman.  He wants to make sure personally that the fraud waste abuse corruption and theft is effectively eliminated before releasing from conservatorship.  It is his duty and job.  Otherwise we may end up in conservatorship again.

In his presentation a few weeks ago Ackman said they can be uplisted while in conservatorship, FHFA just has to apply for it. All requirements are met already. So it shouldn't be a problem at all.

Pulte will be hiring Investment Bankers within 3 to 6 months for a 2026 offering

FOFreddie - Exactly - if he has not already. As Calabria said - just dust off the study.

As they said - the MBS market was the second most liquid after Treasuries. A utility like stock in these companies would - to me anyway - come as close to being a T-Bill or MBS security - remembering what happened in 2008 - and we are talking stocks and not bonds. But I can't foresee even a series of very large offerings not be attractive. But I am not Warren Buffet.

Nats

HUDification - that's a new word we need to add to our GSE vocab.

I was surprised how positive it was. But the highlight for me was the term "HUDification". This is as big a turn around in support as it gets. It means that some of our our biggest and loudest opposition has gone from no-release to we must release. They drove home the point that the GSEs are stuck in a bureaucracy - where they have not let their business evolve with the times and become more efficient. And, as time goes on they will be less and less so - and its costing homeowners and the mortgage business money. When asked at the end about just continuing the conservatorship into the far future - they said it must be ended. Wow. But they are correct. I think all this talk about release increasing mortgage rates is industry BS - and I think you can now expect them to start arguing that we must release them to drive mortgage rates and admin costs down. This is a big shift.
The moderator was great - the topic of the video was administrative release. When congressional involvement was raised she basically said - hey - are your nuts? That ain't happening.

I would recommend watching.

Nats

"I don’t see any way they will delay this any longer"

Don't we all wish you are right but history tells us some BS will pop up to delay, delay, delay.

Urban institute
Cato Institute
Etc

Please

Just another bs forum for paid for ideas by people with money who think they can still control what’s coming

Just like
Whalen
Gas bag
H Ackerman
Circus folk carney
And others

This is now a
DJT fix and no one can stop it

Go admin go

Go
FnF

It’s coming by Memorial Day

I don’t see any way they will delay this any longer

Calabria was d@##.

What if he Hopeful Investor that want eat bird nest soup for many year?

If a secondary offering is not feasible now - why did Calabria higher JPM and Morgan Stanley to work on them 4 years ago with the need for a much larger offering? The Urban Institute webinar was good but it really exposed Layton as a dogmatic naysayer and Brinkman as a me too guy. The guy that made sense was Frater. The index funds and institutions will eat up a series of secondary offerings and will end up owning 60 to 80% of the float forever. The GSEs cash flow is one of the highest quality dividend streams in finance backed by homes across America. INMHO Opinion - Brinkman is wrong and Pulte will be hiring Investment Bankers within 3 to 6 months for a 2026 offering

No steps, just immediately relist and release with SPS written down and warrants cancelled. Taxpayers can keep the extra 110 billion. Then eliminate or roll the FHFA into HUD.

What is your take how to release them (steps)?

Why? What is the negative news?

It will tank again tomorrow!

It is too risky to release FnF without fixing all the waste, fraud, theft that has been going on for decades.
Otherwise they would be back under conservatorship very soon and this time the enemies are going to say they told so.

Big time vibe shift.

The responses I always get are we have received your input blah blah blah, I will say that I am also in crypto and Coinbase does an amazing way of letting the customers email their senators and congress
With that I always get a long letter reply from my representatives

I think he’s on it Guido.

President Trump set him out to end reg cship

That’s the mission period

I feel u Guido. I understand the cynicism and frustration. 

Why would he put in all this effort to cleanup this mess and then reward vulture investors who have been greedily socking away 30 cent  shares for years hoping for huge profits at taxpayer expense. He is not that(FNMA) kind of guy. If any shareholders get any compensation you needed to be a owner before 2008 which eliminates almost everyone reading this .

You’re aware there’s a new stress test on the menu?

Wonder why…

Because, I realize he has good intentions of making sure everything is on the up and up, but why is he interfering with day to day operations? If the 2 GSEs are functioning properly why is he taking an interest in layoffs? Why not focus on the FHFA bloat and release the GSEs and let the CEO worry about cutting unnecessary staff. Bill's going to need a job or two after DOGE deletes da FHFA

Ah but yes Congress can help remedy this. All Pulte needs to do I\is work with Congress to void the SPSP Warrants, since they can and will to help right the Conservatorship.

After all, it has been decided that Shareholders have been mistreated by the Government and this has caused financial hardships on Investors. Has it not?

Per GROK..

Yes, Congress has the authority to change or nullify the Senior Preferred Stock Purchase (SPSP) warrants for Government-Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac, as these warrants stem from agreements enacted under federal law and oversight. The SPSP warrants were issued as part of the Senior Preferred Stock Purchase Agreements (SPSPAs) in 2008, authorized under the Housing and Economic Recovery Act (HERA) of 2008 (Public Law 110-289). HERA granted the Treasury temporary emergency authority to provide financial support to the GSEs, including the ability to purchase securities and establish terms like the warrants.

Since Congress has legislative power over federal statutes and appropriations, it could pass new legislation to amend HERA, terminate the warrants, or alter the terms of the SPSPAs. For example, Congress could:
- Directly nullify the warrants by enacting a law that voids them or mandates their cancellation.
- Modify the Treasury’s authority under HERA retroactively, affecting the legal basis of the warrants.
- Require the Treasury to divest or relinquish its warrant rights as part of broader GSE reform.

However, any such action would face practical and political hurdles:
- **Legal Challenges**: Nullifying the warrants could be contested by stakeholders (e.g., Treasury, investors) as a breach of contract or a "taking" under the Fifth Amendment, potentially requiring compensation.
- **Market Impact**: The warrants represent a significant portion of the GSEs’ potential ownership (79.9% of common stock). Canceling them could destabilize the GSEs’ capital structure, affect shareholder value, and disrupt housing finance markets.
- **Political Will**: GSE reform has been a contentious issue for years, with competing interests among lawmakers, the Treasury, and private investors. Consensus on altering the warrants would be difficult.

Historically, Congress has debated GSE reform extensively without decisive action on the warrants. For instance, bills like the 2018 Corker-Warner proposal and later discussions under the Trump and Biden administrations have explored recapitalizing and releasing the GSEs from conservatorship, but none have directly nullified the warrants. The Treasury could also voluntarily cancel or renegotiate the warrants under existing authority, but this would likely require Congressional pressure or approval, especially given the fiscal implications.

In short, Congress *can* change or nullify the SPSP warrants through legislation, but doing so would depend on navigating significant legal, economic, and political complexities. As of now, the warrants remain intact, set to expire on September 7, 2028, unless acted upon sooner.

Fannie Mae - All The Way
I'm waiting for THE BIG ONE
Somethin' comin'
I Don't Know
What it Is, but it is
Gonna Be Huge

It is now clear to me that a secondary offering will never work or happen after watching this Urban Institute video. It has to be all retained earnings. Furthermore a PSPA is required post conservatorship to lock in all the reforms that have taken place. Congress will have nothing to do with the release. They are not required. And finally post conservatorship there will be no competitors entering. Great video.

Not entirely sure on the reporting. But the sweeps began in 2012.

https://ruleoflawguy.substack.com/p/gse-vibe-shift-continues-consider?r=huaab&utm_medium=email

LORD, SEND US NO MORE SAVIORS

You sent us Mnuchin, who acknowledged his predecessors' swindle and then proceeded to loot another $45 billion of our equity.

You sent us Mark Calabria, the author of HERA to free us, but he hid stress test results and wrote capital requirements that assure we'll remain in perpetual slavery.

You now gave us Pulte, a home builder and business man to remedy what's wrong with a rogue government agency. Instead, he is spending his time fixing what ain't broke.

If you stop sending us Saviors, we'll learn to accept that Evil will Prevail.

Frater thinks the GSEs will become dividend-paying utility-type equities that could grow with the mortgage market.
MBS investors are very important, and we must maintain liquidity in this market.
Further, addressing the senior preferred, the liquidation preference, and the…— Alec Mazo (@Alec_Mazo) March 19, 2025

What Reporting Changed Happened In 2010?

No profit Reporting due to the NWS?



Ron

I just watched this entire one hour video from today. I have to admit the Urban Institute did a really good job. There was no bias or propaganda. Great information from three former CEOs. My main take home points were that up-listing and release really will take another minimum 1 year. There are a lot of steps required more than what most folks here on this board think. I highly recommend everyone watch this one hour video. It is very informative. Hugh Frater is very smart. He knows everything. Even Don Layton was quite positive and presented some great talking points.

They were delisted while in c-ship — probably they can.

When do you suppose He will go before the Oversight Committee for a progress report?

When will He reveal His plan, in regard to c-ship, for/of F&F?

Really good article.

Just FYI, delisting occurred in 2010 after they had been in conservatorship since '08.

Can F&F in C-ship be Listed on a Major Exchange?

I contend that F&F can’t up list to a major stock exchange while in conservatorship.

Therefore the conservatorship must end first before the up list.



Ron

https://www.washingtonpost.com/business/2025/03/18/fannie-mae-freddie-mac-fhfa-overhaul-mortgage/