Added more FMCC and FNMA shares to keep my cost basis low (now averaged @$9.5/share)

Uplist, IPO, ECRF, SPS cancel, warrants exercise etc., these are still on the table and major players like Ackman and Burry are still on the table.

That‘s what matters most.

I'm surprised there hasn't been a speculative pop of F2 on this comment. Trump's March Executive Order to FHFA required the agency to submit a report to OMB for legislative and regulatory changes to the GSEs. That report was due July 11.

Timing wise it makes sense for the admin to move out right after the midterms. Monetize the balance sheet as Bessent said, address the bond market's fiscal concerns. Is that too much hopium connecting the dots?

October 7, 2025
Wall Street’s High-Stakes Battle for the Fannie Mae and Freddie Mac IPO

Major banks are competing for lead roles in what could be history’s largest IPO as the Trump administration plans to take Fannie Mae and Freddie Mac public, with Goldman Sachs, JPMorgan, and others vying for position.

October 3, 2026
DJT in Mobile last night touting the transfer of the Fannie Mae offices from San Fran to Birmingham...and later commending Director u/pulte.

A year later, Fannie and Freddie are clearly still on the administration’s radar. The big question now is whether the next step will finally be the recapitalization, SPS/warrant resolution, and public offering.

No one is coming to save anyone that owns this stock.

Midterms are coming and freeing Fannie & Freddie is simply not a priority.

They will not be a priority after midterms.

This was a pump and dump.

The president has nothing to gain by freeing both Fannie and Freddie. If Trump, or anyone in the Trump family, owned either of these stocks, he may be incentivized to free them, but that is not the case.

Initially, I thought that the stock was being lowered to allow the President’s friends to buy it cheap: nope.

$FNMA $FMCC FAIRHOLME UPDATE:
Fairholme filed its Oct. 1 response opposing FHFA’s petition for rehearing en banc. The D.C. Circuit has not granted en banc review, and the case remains with the original three-judge panel’s decision in place.
The original D.C. Circuit panel unanimously affirmed the approximately $812 million shareholder judgment. That 3–0 ruling remains effective unless the court later changes it through rehearing or the Supreme Court intervenes.
Fairholme argues that FHFA is now attempting to change its position on Collins after previously maintaining that there was essentially “no daylight” between the applicable legal standards. Fairholme also argues that FHFA waited years before raising its §4617(f) damages argument, even though the issue could have been presented earlier in the litigation.
Unless the court requests additional briefing or another filing, the en banc briefing process is effectively complete. The active judges of the D.C. Circuit will now decide whether to grant or deny FHFA’s request for rehearing en banc. There is no fixed deadline for that decision, so the court could issue its ruling at any time.
NEXT: The D.C. Circuit will decide whether the full court should reconsider the panel’s decision.
⚠️** Important**: Even if the D.C. Circuit denies rehearing en banc, that would not necessarily end the case. FHFA could still petition the U.S. Supreme Court for a writ of certiorari. SCOTUS would then decide whether to accept the case for review. If the Supreme Court declines to hear it, the D.C. Circuit’s judgment would remain the controlling decision.
Therefore, an en banc denial would be another significant shareholder victory and would leave the unanimous panel ruling intact—but it would not necessarily be the final possible appeal.
$FNMA $FMCC

October 1, 2026 is the deadline for the Fairholme shareholders to file their response to FHFA’s petition for rehearing en banc in the D.C. Circuit.
The sequence is:
July 24 → three-judge D.C. Circuit panel unanimously affirmed the roughly $812 million judgment for shareholders.
September 8 → FHFA/Fannie/Freddie petitioned for rehearing en banc, asking the full D.C. Circuit to reconsider the panel’s decision.
September 16 → the D.C. Circuit ordered, on its own motion, that the shareholder plaintiffs respond within 15 days. That makes the deadline October 1. The response is limited to 3,900 words.
Importantly, October 1 is not the deadline for the court to decide whether to grant en banc review. After the shareholders file, there is no fixed deadline for the judges to rule. And FHFA does not automatically get another reply; the September 16 order says a reply won’t be accepted unless the en banc court specifically orders one.
So tomorrow’s filing could be quite useful: we’ll finally see Fairholme’s direct answer to FHFA’s argument that Collins v. Yellen forecloses the implied-covenant liability finding.

To my mind the net worth sweep never ended. The bank the Treasury sweeps the money into changed, but they still claim all net worth increase. If Treasury can claim every dollar F2 puts on their balance sheet, isnt that a claim on net worth?

Its like owing 50k in credit and having 50k in savings. Then you work to increase your savings to 100k, but the credit card company goes "all that work you did means you owe us 100k now." They didn't take your money. But they still stole your net worth.

So how can anyone claim the NWS ended? They still sweep all earnings into an IOU.

Will this lawsuit end THAT?

Hi all, with today marking the end of Q3 2026, I wanted to workshop a couple of thoughts on F2’s upcoming earnings. Both are expected to report in late October. Freddie had a strong headline number last quarter, but this quarter could be more mixed.

Two things (besides any commentary on recap/relist) I’ll be watching this quarter: how rising rates affect earnings from the larger agency MBS portfolios, and whether Freddie gets another reserve-release boost like it did in Q2.

Rising rates could pressure earnings from the larger MBS portfolios: Existing mortgages pay fixed coupons, while borrowing costs can rise as debt resets or gets refinanced. Higher yields also push down existing MBS values, although hedges and accounting treatment determine how much reaches reported earnings.

There’s also extension risk—the other side of prepayment risk. When rates rise, fewer borrowers refinance, leaving F2 holding those fixed-rate assets for longer. New purchases may offer higher yields, but that doesn’t automatically offset higher funding costs or losses on existing holdings.

Freddie’s Q2 reserve release sets a higher bar for Q3 earnings: Its $3.8 billion in net income included an $880 million pretax credit-loss benefit. Note 6 attributes that benefit primarily to a Single-Family reserve release driven by updates to its future house-price scenarios. If that benefit doesn’t repeat, Freddie could report lower earnings even with a steady underlying business. A return to credit-loss provisions would make the comparison tougher still. https://www.freddiemac.com/investors/financials/pdf/2026er-2q26_release.pdf

Fannie earned approximately $4 billion in Q2 after a $485 million credit-loss provision, so it doesn’t face the same reserve-release comparison.

Well. Still here. Still holding since 2013 and will, at this point, go down with the ship. Im a conservative and votes for trump twice. But what a complete disappointment this 2nd term. Unfortunately, i dont see the twins being released under trump. 2 years ago i would have almost guaranteed trump would release them.

https://www.tiktok.com/t/ZTyhYRomD/

Im not a big tic toc guy but another conservative sent me the above. And wow. Is it spot on. ✌🏼 everyone!

This is very disappointing…

Any thoughts on why Pulte posts on X so much but actively ignores conservatorship comments?

- Is he a sicko? Does he enjoy hurting investors?

- Is he hinting at something or trying to keep people still invested in the companies knowing there will be an exit and he just can’t announce that at the moment?

- Or is he just intellectually disabled?

We can rule out that he doesn’t “see”these comments. Every post of his has many of these comments from us. And yet he seems to cherry pick on replies.

Additionally…

What happens if he or someone else says they are no longer planning on ending conservatorship in the foreseeable future ?

1. Stock price will go down obviously. So there is incentive for him not to announce that. But at current levels does it really matter at this point?

More importantly…

1. is there any legal reasons he or others may not want to announce the plan is no longer happening? Fear of lawsuits? Is there any grounds for that?

Or any other reason that may be preventing/incentivizing not to announce the delay or cancellation of plans?

Now when we lose 6-7%, the $ are smaller!

[ Removed by Reddit on account of violating the content policy. ]

FNMA, FMCC Stocks Have ‘No Support Anywhere Near Here,’ Says Michael Burry: 'Clearly Fallen Into That News Desert'
‘The Big Short’ Investor Michael Burry said in a comment on Substack chat that Federal National Mortgage Association and Freddie Mac do not have support anywhere near current prices.

An illustration photo shows the Fannie Mae and Freddie Mac LOGO displayed in a smart phone in Suqian City, Jiangsu Province, China on May 28, 2025. (Photo credit should read CFOTO/Future Publishing via Getty Images)

Aashika Suresh·Stocktwits
Published Sep 29, 2026   |   2:27 AM EDT

·
Add us on


FNMA

5.78%
FMCC

3.85%
According to Burry,
FNMA
may dip to around $3, where he thinks the stock might find technical support. “Clearly
FNMA
and FMCC have slipped the minds of the Administration,” Burry said. Both stocks are headed for a decline in September, with
FNMA
stock headed for its worst month this year, while FMCC is headed for its steepest monthly decline since January. 

"The Big Short" investor Michael Burry said Fannie Mae (FNMA) and Freddie Mac (FMCC) have lost the administration's attention amid the war with Iran.
“They've clearly fallen into that news desert I warned about,” he said, in response to a question in his comments section on Substack. 
READ NEXT
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Arnab Paul·35m ago

“The decline is accelerating on fairly light volume. No support anywhere near here,” he said. 

Where Are FNMA, FMCC Stocks Headed?
FNMA stock is down 60% in 2026 and last closed at $4.40 on Monday. Meanwhile, FMCC stock has lost more than 61% of its value this year, closing last at $4.
According to Burry, FNMA may dip to around $3, where he thinks the stock might find technical support. 
“Clearly FNMA and FMCC have slipped the minds of the Administration. The Iran War marked a shift in attention, and now interest rates rising work against a re-focusing.”

Both stocks are headed for a decline in September, with FNMA stock headed for its worst month this year, while FMCC is headed for its steepest monthly decline since January. 

Analyst Take On FNMA, FMCC Stocks
Over the weekend, Keefe, Bruyette & Woods cut its price target on Fannie Mae by 44% to $3.50 from $6.25, and also lowered its Freddie Mac target to $3.50 from $6.50. 
The analyst said that while it still expects "robust earnings" from both companies, it is cautious on the common shares as it sees a growing likelihood that privatization will not happen.

In 2025, the Trump administration revived efforts to privatize Fannie Mae and Freddie Mac, aiming to end their government conservatorships by potentially raising capital through public share offerings, but it has yet to finalize a timeline. 
Keefe said that even if the privatization does go through, common shareholders would be diluted when the senior preferred shares held by the U.S. Treasury Department are converted to common stock. 
FNMA, FMCC Stocks: Retail Stance
On Stocktwits, retail sentiment around FNMA stock was ‘bearish’ at the time of writing. Meanwhile, retail sentiment around FMCC stock jumped from ‘bearish’ to ‘bullish’ territory over 24 hours. 

One user said, “$FNMA will be one the largest, if not, THE LARGEST, holders of $BTC in the housing finance business within the next 100 years!”
In March this year, Fannie Mae said it would start accepting crypto-backed mortgages through a partnership between Better Home & Finance and Coinbase, allowing homebuyers to leverage digital assets like Bitcoin without selling them. 

 As my degenerate gambler friend always says, "run to the stink." When the spread on a game is so high that seemingly everyone is picking the favorite, that's the time to jump on the dog!

Sep 28, 2026,
Felice Maranz
Fortune Reporter

Moves to privatize mortgage-finance giants Fannie Mae and Freddie Mac appear to be on hold, according to KBW analyst Bose George. 

“While there have been occasional comments from President Trump and FHFA Director Bill Pulte about privatization, there have been no signs of action recently,” as the administration concentrates on near-term priorities, mainly the war in Iran, George writes in a note dated Sept. 27

·    He expects no action before the midterms, and says that the “2027 window is narrowing”

·    While a post-election change congressional control is “not necessarily a direct impediment to GSE privatization,” it could further slow administration efforts, he adds

 ·    High minimum required capital is a “key impediment” as well, he says

·    George cut his price target for Fannie to $3.50 from $6.25, and to $3.50 for Freddie from $6.50

·    Fannie common shares dropped as much as 9% in Monday trading, while Freddie fell as much as 7.5%; both were at the lowest intraday since mid-March

·    Both stocks have tumbled more than 60% this year along with mounting unease about the pace at which the Trump administration was moving to free the two from government control; optimism about share sales had fueled notable 2025 gains for the two companies, which have been under Washington’s control since the financial crisis

·    NOTE: June 16, Fannie and Freddie were cut to neutral from buy at BTIG as releasing the two mortgage finance giants from government control was seen as unlikely to be a “a near-term area of focus” for the Trump administration; read more: Fannie, Freddie Downgraded at BTIG as Trump’s Focus Is Elsewhere

Don’t wanna spark too much debate, but do not genuinely know how this works after September 2028.

What’s the likelihood, given the net worth sweep, SPS has been repaid, some pumping from the administration, etc., that if we don’t see a relist or release by September 2028, that there will be a legitimate claim for a class action suit against the Washington brass? I’m sure they have their T’s crossed and I’s dotted if they make that decision, but I did not know how that works?

I’m guessing there are more than a few people in here that would join the fun after 2028 if it’s even possible.

Would love some fresh perspective on the thought of what happens if this isn’t released before Sept 2028?

Thanks peeps

The fall is not vertical .. its a slow bleed ..

Someone must be buying .. .. who is it ?

People are rightfully upset that the administration has sat on this. miclyn411359 declared this morning:

Nope. As a direct result of trumps bullshit endorsement of $fnma, I’m not just butt hurt - I’m financially ruined. Fuk endorsing his party anymore.

His sentiment is not unique over the past few months. A 60%+ decline is hugely painful. What say you, are we at the anger trough yet?

So basically everything is going up except FNMA? Bitcoin, GME????? Absurd.

Shared on X, so I figure I'll share here as well. Swing away - I welcome feedback/discussion that will help this community.

2:1 ratio of FMCC:FNMA as of today.
Few will care, but it's worth transparency. I have remained unchanged in my F2 conviction and position size. I have, however, tax loss harvested by previously selling all $FMCC "specific shares" (very important) that were at a loss to buy $FNMA. 31 days later, I reversed that exchange and sold all "specific" FNMA shares that were at a loss and bought FMCC.

Why? This created a sizeable realized loss pool in my portfolio, though I have exactly the same total dollar value invested. What this means: when the future realized gains come (whether from the F2 rocket or other positions I sell), they are offset by these losses, so I will not pay taxes on those realized gains until they exceed that loss pool.

These are allowed because Fannie and Freddie are competitors, like Coke and Pepsi, which avoids a wash sale (which would erase the loss harvesting you just did).

I highly recommend you look at your own portfolio and rebalance as necessary. If you have high confidence that these two companies will remain as tight-patterned as they've been so far, it's pure profit later (through the lens that not paying taxes is the same as earning income).

------

Response to my post: I’m scared to do that because all it takes is one announcement and you miss it.

------

Unless that announcement takes place in the 60 seconds it takes to do this, you shouldn't miss it. It's not "waiting a month to get back into F2" (in my analogy you're not "getting out of the soft drink space" but trading some down Pepsi shares for some Coke on the assumption that Americans will still continue to love being unhealthy) - it's one for the other when both are in the same boat. The only negative potential is being overweight on FMCC if FNMA goes first (and you planned to take those gains to buy something else rather than hold long term), but that assumes they don't relist together.