SPF

not financial advice

[Ephraim Hirschfeld @EphraimH1980]

@HorsemanCountry I 100% agree. The bill is completely disingenuous to its stated purpose. This bill will not expedite the end of the conservatorship. In fact, it will prolong the conservatorship.

There are a number of measures in this bill that without using the term ERCF codify a lot of the restrictions that Calabria and team placed on F2, thus making the ability to meet capital requirements much further away than simply returning to the parameters set forth by HERA.

Mentioning HERA, this bill also strips the fhfa of their free hand in overseeing the GSEs. I fail to see how a bill that takes away the power to act from the executive branch and tightens the legislative reigns will do anything to maximize stakeholder (taxpayers, Treasury and investors) value.

Further to this point, the bill ostensibly limits the reach and value of the GSEs and shifts revenue to Wall St Banks, mortgage brokers, ratings agencies and PMI companies. In fact, the equal access for smaller lenders and the first loss provisions will actually drive the cost of purchasing a home UP!

These clauses essentially say that F2 cannot give volume discounts, so if you have a large lender, they can't offer you a lower spread than a single mortgage broker. Similarly, if you have a lender with superior underwriting whose borrowers don't default F2 could not reward them with lower spreads and thus lower costs passed on to the borrower. The other provision saying that the GSEs cannot take the first loss means that they are forcing the private mortgage insurance companies into the equation when we all know F2 could fill this gap in a much more cost effective manner.

So setting aside, the dilutive parts that @HorsemanCountry rightly calls out, the consequences of this bill are negative- home buyers, taxpayers, investors, the treasury... This bill benefits nobody except for crony donors on Wall Street.

[Horseman Country @HorsemanCountry]

$FNMA $FMCC

@RepFitzgerald for the sake of decorum, I’ll refrain from telling you exactly what you can do with this bill.

In this Trojan horse, you're advocating for long suffering Fannie Mae & Freddie Mac common shareholders to be further violated to a catastrophic end.

Are you simply a wolf in sheep’s clothing?

@realDonaldTrump, @pulte, @SecScottBessent know this is garbage legislation...and so do you. There’s only one class of stock that's even convertible.

Perhaps you just take a seat, and get out of their way.

https://t.co/bb6wvrIIk7

[Cassandra Unchained @michaeljburry]

I was the first and created the trade.
I sent people to teach Paulson. And I showed Greg Lippmann the trade. I showed Peter Thiel and others. I also showed Goldman exactly what I was doing when they asked me formally in late 2005. Of course Goldman and Greg at Deutsche sold the trade to many others.

[Horseman Country @HorsemanCountry]

@ThePPseedsShow Would love to get your take, gents.

Could Pulte have been signaling yesterday (with his post specifically mentioning mortgage spreads) that the public offering may be ready to go? Tight mortgage spreads have always been Bessent's north star.

$FNMA $FMCC

[Horseman Country @HorsemanCountry]

$FNMA $FMCC

@SecScottBessent has consistently articulated the @realDonaldTrump administration's stance on maintaining or improving mortgage spreads in any consideration for privatizing Fannie Mae & Freddie Mac.

Did @pulte signal today that this condition has been satisfactorily met?

Exerpts from May, October, and December of last year attached.

[Ephraim Hirschfeld @EphraimH1980]

Well said @HorsemanCountry !!! The world is ready for the sequel and final chapter of the GSE saga.

[Cassandra Unchained @michaeljburry]

SPS SPS SPS SPS SPS SPS
Please? Clarity is all we as $FNMA and $FMCC shareholders ask.

[Bill Ackman @BillAckman]

An update on Pershing Square USA, Ltd. $PSUS:

Since its IPO on April 29th, PSUS has deployed nearly 85% of its capital in 12 companies including Amazon, Microsoft, UBER, Meta, Brookfield, Restaurant Brands, Fannie Mae and Freddie Mac at prices we believe to be extremely attractive.

The PSUS portfolio, along with the other Pershing Square funds, also includes four new companies, which we will disclose at the time of our second quarter report.

As a result of our investment activity over the last six weeks, we believe the PSUS portfolio is now invested in a number of the highest quality durable growth companies in the world, which are trading near their all-time lowest valuations.

Furthermore, as of this moment, PSUS is trading at a ~20% discount to the net asset value (NAV) of its underlying holdings so a buyer of the stock at today’s price is acquiring the current portfolio at a double discount. We believe the PSUS discount to NAV has emerged due to short-term technical factors related to the IPO that should moderate over time.

Pershing Square management and affiliates are all-in, having acquired more than ten million shares or $500+ million of PSUS in the IPO and in the market thereafter.

In summary, we believe PSUS and its portfolio holdings represent an extremely attractive bargain at today’s share price and we have put our money where our mouth is.

[Joey Prather @pratjoey]

Henry Clay and the American System

The economic revolution underway in America is a return to the system that built the country in the first place.

Henry Clay called it the American System. Hamilton understood the same architecture before him. A serious country does not outsource its industry, surrender its credit system, neglect its internal improvements, and then pretend it will remain sovereign because the S&P is high and imported goods are cheap. That is managed decline.

I am from Lexington, Kentucky, where Henry Clay’s home Ashland sits at the center of town with quiet authority, I’ve walked the grounds more times than I can count. My grandfather always told me that Clay said he’d rather be right than President, and I think we have a President who’d rather be right than popular.

The American System was tariffs, credit, and infrastructure. Protect the industries necessary for independence. Use finance to build productive capacity. Connect the interior of the country so farms, factories, mines, ports, towns, and cities could become one national market. Orders become production. Production becomes wages. Wages become families, towns, savings, skills, and power.

We abandoned that logic and called the abandonment sophistication. Free trade became a sacrament, financialization became growth. Cheap labor abroad became efficiency and the Rust Belt and Appalachia was told to learn to code while its tax base, churches, schools, machine shops, and civic life were turned to frogs boiling slowly in the pot.

Trump, Bessent at Treasury, Warsh at the Fed, and Navarro openly invoking Clay are not random data points, but signs that the old framework is being challenged directly. Tariffs are no longer just “protectionism.” They are leverage to open markets, bargaining power, and industrial policy. Credit is not just liquidity for Wall Street. It is a question of what kind of country we are financing.

Markets are still trying to process this through the old machine. Strong jobs come in and the reflex is still “bad news, the Fed won’t cut.” That is the world we live in: growth as a problem, labor strength as inflation, productive ambition as something to discipline. But if the policy regime is changing, then the market regime changes too. The winners are not necessarily the same winners of the last 30 years.

This is why “America First” is not, at its best, a slogan. It is a question. Does this make America more capable, more independent, more productive, more skilled, more secure? Does it build power here, or does it merely optimize other power structures?

Bernie voters and Trump voters both sensed the same rot from different directions. They knew the system was rigged toward finance, management, credentialed language, imported labor arbitrage, and asset owners. They did not use the same words, and they did not want the same remedies, but they were looking at the same boiling pot.

The next phase is about production. And it is here. Energy, metals, machinery, skilled trades, shipyards, grids, factories, housing, transportation, defense, credit, and the dignity of making things again. The American System was never quaint. It was the operating system of a young republic that intended to become a great power.

What’s old is new again, right in time.

[Charles V Payne @cvpayne]

Im pushing

[Horseman Country @HorsemanCountry]

$FNMA $FMCC

Feel free to bite on what the talking heads and “experts” are feeding you. They’re saying what they’re paid to say.

But contrary to the narrative they're peddling, interest rates will go down…and soon. Berkshire Hathaway knows this. They wouldn’t have taken an $8.5 billion position in a home building company otherwise.

In the meantime, @pulte & Fannie Mae/Freddie Mac await the signal from @realDonaldTrump to unleash their full arsenal on the housing market.

I’ll spare you the long trip down the rabbit hole...but DJT and his Dream Team are dismantling the old debt based financial system that kept us shackled and intentionally throttled our economic growth.

@SecScottBessent wants to monetize the asset side of the balance sheet to usher in an economic boom with sustained growth and residual monetary benefits. As Cousin Eddie said in Christmas Vacation, "It's the gift that keeps on giving".

While the media moved on, Trump and the boys continued to lay the groundwork for the Sovereign Wealth Fund. When SWF is activated, heads will spin and minds will blow at the prosperity it generates. There's a reason Trump is meeting with AI leaders at the White House this week to discuss government stakes.

Again, I know it's been a long and frustrating road for shareholders. But rest assured that F2 has a significant role in the SWF apparatus. This is about much more than current circumstances and daily price action.

With that said, uplist in the near future will be cause for celebration. Robinhood knows what's coming.

GLTA

[The White House @WhiteHouse]

Today, we remember the heroes of D-Day - June 6, 1944.

Through extraordinary courage and sacrifice, American troops stormed the beaches of Normandy, defeated tyranny, and helped secure freedom for generations to come.

Their legacy lives on. America remains forever grateful. 🇺🇸

[Horseman Country @HorsemanCountry]

$FNMA $FMCC

@realDonaldTrump gives @pulte another monster endorsement in his additional DNI role as well as his accomplishments at F2.

"He's very smart. He’s a person who's got high integrity. He's done a phenomenal job at Fannie Mae/Freddie Mac. We probably have $1 trillion in value there. When he took over, it was much less.”

"He may find out some things about the rigged election."

"It’s short term, but he may be very effective for a short period of time.”

In the words of Ric Flair, “If ya don’t like it, learn to love it!"

Pulte is gonna keep cookin'... and will likely blow the lid off of more fraud & corruption in the process.

The panic is justified.🔥

[Cmdr Ron Luhmann @usnavycmdr]

$BOOOOOOOOM !

[Heisenberg @Mr_Derivatives]

$FNMA $FMCC

Here we go again!

Full port sell your kidney all in.

[Horseman Country @HorsemanCountry]

$FNMA $FMCC

@mtaibbi, thank you for exposing the Obama administration years ago.

With FHFA Director/Fannie Mae & Freddie Mac Chairman @pulte now also serving as acting DNI, it may not be a bad idea for you to knock the dust off of this one and rattle the cage again.

[Ephraim Hirschfeld @EphraimH1980]

This is great news and so happy to see $FNMA and $FMCC opened up to a bed pool of investors. Of course the exchange would be great, but every journey starts with a single step and this is a good one.

[Pulte @pulte]

Thank you.

[Pulte @pulte]

Thank you to Jon Oksenholt for your kind comments on the turnaround we have undertaken at Fannie & Freddie. In addition to reducing housing costs for Americans, the Team has removed Hundreds of Millions of Dollars of Cost in the Companies, that are performing better than ever!