GSE Advocate

Event-driven, value & special situations investor, hunting multi-baggers, not financial advice

[GSE Advocate @Fanniegate101]

Fannie Mae has updated their website to include a “NYSE Listed Company Manual” dated: 1/6/2026 $FNMA $FMCC

https://t.co/OxjDtphrwq

Shareholders seem to be on the precipice of major developments, including potential up-listing…. Tick Tock, Tick Tock

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

New $IREN Deep Dive

Our new $IREN deep dive is finally live!

It's honestly the most comprehensive report we have ever released and something I'm firmly convinced will age like fine wine.

Even though it goes into great depth, it's written in a way that virtually every investor can understand. I purposefully went light on industry and finance jargon, and whenever I did use technical terms I made sure to explain them properly.

This time around I've also unlocked the entire first chapter for free Substack subscribers to read.

So if you're on the fence, I encourage you to read the first pages to get a sense of the depth and analytical quality you can expect from the rest of the deep dive.

I'm sure every $IREN shareholder, analyst, or investor curious about the company will derive great value from this deep dive.

I very much appreciate everyone's patience. This one took a while.

Enjoy! ✌️

https://t.co/HUkfni8Ltf

[IREN @IREN_Ltd]

“For the last eight years, we’ve been assembling the inputs. We’ve got 5GW of secured power and land. We’re active in three continents. And we’re delivering to some of the biggest customers.”

-@danroberts0101 today on @FoxBusiness

[$ASTS SpaceMob 🅰️ @ASTS_SpaceMob]

$ASTS: Full High-Quality Interview with AST SpaceMobile CEO @AbelAvellan on @CNBC this morning

[The Buyside Desk @buysidedesk]

My latest article: "Huge Changes are coming for Fannie Mae and Freddie Mac" has just been published. It is free for all. No paywall.

I describe the confluence of President Trump's recent Executive Order and the Fed's latest revised capital rule. They put FHFA on a clear trajectory to revising the ERCF and ending the conservatorships.

Long-suffering shareholders of @FannieMae $FNMA and @FreddieMac $FMCC will find it interesting.

The article is free. If you like the content, consider becoming a paid subscriber. It helps me build and is highly appreciated. I am in the process of figuring out the right format for The Buyside Desk publications (decks, articles, videos etc.). Went with an article format for this one as it was the quickest win. This was a topic that could not wait.

#fanniemae #freddiemac #F2 #FnF #investing #otc #stocks

[GSE Advocate @Fanniegate101]

FHFA Director @Pulte had the following to say with regard to the Fannie, Freddie public offering on 4/22/26:

FULL “IPO” QUOTE & PRESS CONFERENCE BELOW (14:34 mark)

$FNMA $FNMAS $FMCC $FMCKJ

https://t.co/zpEz7RkIYb

[GSE Advocate @Fanniegate101]

@Stansberry @MattWeinschenk @WhitneyTilson Halbower at Pentwater Capital: “Dilution Solution is why common has risk”
$FNMA $FNMAS

https://t.co/w9le05FRVG

[GSE Advocate @Fanniegate101]

@Stansberry @MattWeinschenk @WhitneyTilson Debate surrounding common vs. JPS securities is always a fickle one, but @WhitneyTilson very well could be leading listeners into a less predictable outcome with no knowledge of how GSE seniors will be treated. $FNMA $FNMAS

[The Masters @TheMasters]

If this course could talk. #themasters

[Cassandra Unchained @michaeljburry]

Open Letter on Housing, Fannie & Freddie
@realDonaldTrump @pulte @SecScottBessent @FHFA @USTreasury $fnma $FMCC

We studied housing square footage per capita adequacy, and found that there is no problem there. The US in fact has more residential square footage per capita than any other country in the world. This is not a housing shortage, despite what so many say.

The problem is that bigger houses are inefficiently housing fewer people. The post-COVID low rate environment locked people into a lifecycle real estate position. Empty nesters can't sell, first time home buyers cannot buy. Second-hand home inventory is near all-time lows due to record low supply, not record demand. Prices are high due to the same reason.

Home equity is now a record $35 trillion, nearly doubling pre-COVID levels. 40% of homeowners own their homes free and clear - a record. And about 30% of all home buyers pay for homes without borrowing. Older homes were upgraded at a record pace during COVID, extending and refreshing the usefulness of residential real estate.

Artificially low interest rates, ~$6-7 trillion in helicopter cash and forgivable loans helped drive both the home updates and high housing prices.

Work from home moved the office into the home, often expensed or deductible. People with white collar jobs and means chose to live/work in exotic or remote locations.

All of this together does not speak of a housing shortage, or a housing problem.

Instead it is a problem of current residential space allocation and mobility, and this problem was created by government manipulation of interest rates, cash money supply, and COVID lockups that went on too long and changed work/home behavior.

Government created the problem and now maintains policies that prevent free markets from reaching a solution, not the least of which is keeping the GSEs inefficiently run while in conservatorship. Recall Pulte's video upon arriving at Fannie Mae - no one was in the office buildings. The companies have become atherosclerotic, inefficient government programs, while a decade of financial engineering optimized for homeowner wealth accumulation rather than housing market velocity/mobility/fluidity.

Government must fix this problem by facilitating efficient re-allocation of housing stock with higher housing velocity/mobility through the release of the GSEs into free markets.

This is a problem made for the GSEs. Through well-targeted programs, the GSE can help the free market find spaces to intelligently reallocate , and help US citizens with housing mobility.

Building more new overpriced, poorly built homes in increasingly dangerous flood zones and other hazardous fringe areas is not the solution. It adds to the problem through high maintenance burdens on new homeowners with little equity in their homes.

Rather, to build mobility/velocity of homeowners and housing space, the GSEs need to be recapitalized and retain easy access to capital markets. They also need to be run by real mortgage executives, not government functionaries.

To achieve this they need to exit conservatorship in a manner that excites markets to fund these companies, now with guidelines to prevent risk-taking outside of their purpose, and grow their purchases of mortgages of well-targeted specification.

I should have written this into the Recurrence piece itself.

[GSE Advocate @Fanniegate101]

cc @pulte

[Fanniegate Hero - Fanniegate HQ @DoNotLose]

https://t.co/va6Nxj9J8J $fnma #fanniegate

[GSE Advocate @Fanniegate101]

@World_21m Hey Thurman Murman, you are quite the key stroke warrior. Try staying humble. Tim has done more for shareholders than anyone in this space. Your recording is of Ed Groshans. The mechanics most advantageous for govt are conversion. Maybe they go the Ackman route, maybe not. $FNMA

[GSE Advocate @Fanniegate101]

.@pulte Bill, the average American shareholder of GSE securities deserves better messaging from the Admin. The alliance & relationships formed behind the scenes over the last 15 years of property rights suffering needs clarity. Put yourself in these shoes for a min. $FNMA $FNMAS

[Cassandra Unchained @michaeljburry]

Thank you Tyler - agree on all of this.

[GSE Advocate @Fanniegate101]

Recent White House visitor and head of @PershingSquare reminds $FNMA $FNMAS shareholders that @realDonaldTrump is a man of his word.

[Bill Ackman @BillAckman]

@YigalBCN President @realDonaldTrump keeps his promises.

[GSE Advocate @Fanniegate101]

@DoNotLose Glen, this role was a temporary fill-in until McKernan was confirmed a few months later. Treasury website confirms it. https://t.co/k2CjP14II4

[GSE Advocate @Fanniegate101]

$FNMA $FNMAS $FMCC $FMCKJ

Wise man once said…

[Bill Ackman @BillAckman]

@HoldenWalker99 Patience

[GSE Advocate @Fanniegate101]

@HoldenWalker99 @blue_eyes3532 The comparable analysis is ~15% SPY climb during 2026 vs 100%+ par value attainment in what could be considered mirroring timelines. Based on holding length, accompanying a factor of opportunity cost and risk of sudden GSE announcement, the math boldly favors a hold.

[GSE Advocate @Fanniegate101]

@Ny1david @hill_matt cc @pulte

[Small Cap Snipa @SmallCapSnipa]

Bernstein just released a report on $IREN titled “Punished for no new deal - AI scale up on track”

They raised IREN’s price target to $125 believing that new deals are coming:
• 4.5 GW of grid secured power (10% contracted)
• Q1 financials hurt by BTC (eventually phasing out)
• Low cost financing <6%

The fundamentals have not changed

[Pulte @pulte]

I said the same thing I have always said this morning. All options are on the table - we are prepared to execute any decision President Trump makes 😃 In the meantime, we are running these businesses as companies (imagine that!), and Fannie &amp; Freddie are MORE EFFICIENT than EVER!