$fnma $fmcc @pulte whats the hold up? I thought Scott Bessent was a genius (at least by his own account), how long does it take a genius to come to this conclusion? @BillAckman What the chart proves: ownership structure is invisible in the spread. Private shareholders with a government backstop (2000–07) averaged 1.77. Government ownership with a backstop plus Fed buying (2009–21) averaged 1.72. Government ownership with a backstop and Fed selling (2022–26) averaged 2.41. The variable that moved the spread by 70bp was the Fed’s balance sheet. The variable that changed in 2008 — who owns the equity — moved it by nothing. What the chart can’t prove: that release is harmless regardless of structure. Every year on that chart is a year with a government backstop behind the GSEs — implicit before 2008, explicit after. There’s no data point for “private GSEs, no backstop,” which is the scenario the spread worriers are actually worried about. So the honest reading isn’t “the spread argument is an excuse.” It’s “the spread argument is about the backstop, not about conservatorship — and the backstop is already in the 2021 PSPA.” The $113.9B of undrawn Treasury commitment survives release. Keep that line, add an explicit fee for it if you want, and you’re in the 2000–07 regime: private shareholders, government backstop, spread ~1.8. The data says that regime works. Which makes your point stronger, not weaker. Bessent’s North Star is satisfiable by a document that already exists. If the spread were the real obstacle, the fix would be in the term sheet by now. That it isn’t tells you the delay is about something else — bandwidth, optics, or the “year after” — and that’s the excuse. The chart doesn’t say “release has no risk.” It says “the risk Treasury keeps citing has a known, cheap, already-drafted solution, and the ownership question it keeps delaying has never mattered to the number it claims to protect.”

What validity does this man have today ? He stumps for GOP candidates while his voter base crumbles faster than $fnma stock price. This TruthSocial post was his apex - it’s been a constant voter support erosion since then

Conflating the F2 share prices as a harbinger of instability in the housing market is insane. $FNMA and $FMCC are as safe and as sound as ever. They have built fortress balance sheets with insane amounts of capital and have the stress test receipts to prove it. The GSE's primary role is to: 1. Provide market liquidity 2. Ensure stability 3. Expand credit affordability On the latter role, they have done a good job with ensuring spreads are not widening with fear mounting in debt markets. In June of 2023 spreads were at 3.13% and under current leadership are down to 2.14%. Of course, we'd all like to see it back down around the long-term average of 1.6% from before covid but getting that spread down 1% is great progress.

For those asking, "what?":

Best way to sandbox an AI is to put it on a Delta flight – it will have no chance of accessing the Internet!

ENOUGH!! 🚨 🚨 🚨 🚨 🚨 🚨 🚨 You spent months talking up a historic return of Fannie Mae and Freddie Mac to the public markets. November was supposed to be the moment. Instead, November 2025 came and went and shareholders got nothing but silence. NO IPO. NO CLARITY! These are two of America’s greatest mortgage corporations, not political props to be dangled in front of millions of investors and then forgotten. If the IPO plan was real, where is it? If the plan changed, why hasn’t anyone had the courage to say so? Shareholders have waited 18 YEARS for an exit from conservatorship. They deserve ACTION not more headlines, hints, handshakes and moving goalposts. Not to mention the television commercials that have been viewed by millions. @realDonaldTrump @SecScottBessent @pulte @howardlutnick finish what you started. 📺 End the conservatorship. Protect existing shareholders. Return $FNMA and $FMCC to the NYSE where they belong. Promises made promises not kept. 🤥 These Fortune 50 Companies have repaid bailout. Do not try and steal more equity because if you do you will be compared to Barrack Hussein Obama. You know the guy..

Trump is already being compared with Obama. Better stated as being *likened* to Obama. Not a great thing, @realDonaldTrump Please prove that likeness completely false …for you, and the shareholders ...and the faith of the people in a *just* government. $FNMA $FMCC

Trump has NOT kept his promise with Fannie Mae and Freddie Mac uplist and IPO. Do not post this…….

“The Agency is focused on preparing the Enterprises to operate safely and soundly upon exit from the conservatorships.” -FHFA June 15, 2026 Annual Report to Congress Given recent price action in $FNMA and $FMCC, the market narrative quickly moving away from higher rates, Jackson Hole, and positive @Pulte tweets, I think it makes sense to hold these names in the coming weeks. Not saying release is a foregone conclusion. But the market is looking past Iran and Warsh’s initial test. Articles like today’s @zerohedge piece, along with @JonOksenholt’s innovative take on possible next steps, are bringing attention to the story at an interesting time. FHFA report: fhfa.gov/document/d/arc/fhfa… ZeroHedge article: zerohedge.com/political/grea…

They built Graham Platner in a friggin' lab. They took a disabled veteran with a sketchy past, slapped some “blue-collar oyster farmer” crapola on the label, ran him through the progressive car wash, and sent their media whores and activist priests out to sell him as the future of the Democratic Party. Bernie, Warren, and Khanna all lined up to kiss the ring. Daniel Moraff and his DSA ghouls openly bragged about using him to blow up the old way of doing things. And when he crushed the primary with 72% of the vote, the machine loved it. Until the scandals started piling up and the map started looking shaky. Now suddenly everybody in the control room is acting shocked, like they had no idea who greenlit this experiment. Bullshit. Platner didn’t just wander out of the Maine mud and accidentally become a Senate nominee. They went hunting for a radical. They found one. They groomed him, funded him, platformed him, and told their voters this was the guy. And the second he became a liability ... the second the scandals got too loud and the DSA stink started becoming impossible to hide ... the same jackholes who built him reached for the knife. That’s the part that makes this so damn satisfying. They spent years feeding the socialist wing, cheering while these people torched norms, attacked moderates, and dragged the party further left. They thought they could just unleash the monster, point it at Republicans, and keep it on a leash when it was convenient. They were wrong. Now their creation is turning into a problem, and the old guard is panicking because they finally realized something they should’ve known from the start: radicals are a hell of a lot easier to radicalize than they are to control. You can’t build a frigging insurgency and then act surprised when it doesn’t politely step aside the moment it stops being useful. They built him. They sold him. Their own voters picked him. Now they want him politically executed before he drags the rest of their rotting party down with him. Frankenstein didn’t just lose control of the monster again. This time the monster’s looking back at them like it might start tearing through the lab. (article below)

1 last thing on soccer then I’ll go back to baseball: I HATE when people who only watch every four years starting dictating what is dumb about the sport without ever giving the sport a chance outside of a World Cup. The sport isn’t perfect, but neither are the American sports.

I am now a Donovan fan 😂 @landondonovan

Bill Pulte Was a “Degenerate” Buffoon. Now He’s Head of U.S. Intelligence. Read more here: thebulwark.com/p/bill-pulte-…

$fnma $fmcc Pershing Square deploying part of their $5 Billion IPO haul as we speak ... @BillAckman was a little coy but we all know his holdings and his convictions... The CNBC non-pro released portion of the video is linked below ... cnbc.com/video/2026/05/04/bi…

Anyway you can stop dkriding that fathead midget @pulte? He’s useless.

$FNMA $FMCC Sonic Booooom!🔥🔥🔥 @realDonaldTrump TONIGHT applauding @pulte & his FHFA leadership while discussing the possibility of taking Fannie Mae & Freddie Mac public. Sounds like the IPO is on the table...well down the road...locked, loaded, & ready to go!!!

$FNMA $FMCC ... the government acquired a 433.3M share stake in floundering Intel back in August at $20.47 per share; today Intel is selling for over $93 per share - a gain of over $30 B! - all while continuing to trade publicly and massively profit shareholders for a company that lost over $3 B in Q1 '26 alone! Meanwhile, Fannie Mae has been in conservatorship for over 17 years; shareholders are completely shut out; the shares trade on the corrupt OTC; Fannie netted the government more profit from the 2008 financial crisis than ANY other company (F2 netted the government in excess of $100 B - for a crisis they did not create nor contribute to in any significant manner); all while generating a net profit over $14 B last year and $3.7 B in Q1 '26 (just reported). It's time to release F2 without stealing another damn dime! Get your MBS backstop (guarantee) from what's already been swiped and a fee on the industry players that are begging for it for free while holding F2 hostage for it. This is beyond ridiculous! @BillAckman @JustTheNews @putle @SecScottBessent @POTUS @nicosintichakis @TheBurgosGrp @ArgueAlone

By popular demand, this is the return of the "Best of Mike Francesa" thread. Prank calls, funny moments, weird happenings... it's all covered here. I'll keep this thread pinned and we'll add to it regularly. 👑

And Fannie and Freddie are stupidly cheap. Asymmetry at its best. They could be a 10X and it could happen soon.

PULTE = 🐍🐍🐍🐍🐍🐍🐍🐍🐍 Sauce: The Pulte Problem: Part I. Matthew 6:3–4 (NIV): | by KnottyLlama | Medium share.google/zPP1SgvhIfNe9aE…