Overview

• The administration is preparing an IPO to sell about 5–15% of Fannie Mae and Freddie Mac, targeting roughly $30 billion in proceeds.
• President Trump’s AI-generated Truth Social post depicted a November 2025 listing of a merged “Great American Mortgage Corporation” trading under ticker MAGA.
• FHFA Director Bill Pulte’s social media endorsement and investor Bill Ackman’s public advocacy have amplified a combined listing proposal valued near $500 billion.
• Stakeholders including the National Association of Realtors and the Mortgage Bankers Association have raised questions about guarantee terms, capital requirements and effects on mortgage funding costs.
• Analysts warn that separate GSE charters, pending rule-making and likely congressional action make a rapid, year-end merger or full exit from conservatorship improbable.