joe

[joe @Codicil_Capital]

https://t.co/7g7QQU8DOK

[joe @Codicil_Capital]

VERY IMPORTANT INFORMATION FOR INVESTORS IN GSE SECURITIES $fnma $fmcc

A timeline of significant quotes and events regarding the GSEs from the Trump administration and noted investors.

May 21 '25 — Trump: "giving very serious consideration to bringing Fannie Mae and Freddie Mac public… throwing off a lot of CASH, and the time would seem to be right. Stay tuned!"
Trump, follow-up: "the U.S. Government will keep its implicit GUARANTEES."

Aug '25 — Trump posts "MAGA / The Great American Mortgage Corporation / NYSE." Plan: sell 5–15%, raise ~$30B.
Aug '25 — Bessent: a 3–6% stake "might amount to about $30 billion… maybe the biggest deal in history… valuations in the hundreds of billions."

Sept '25 — Pulte: "There's no rush." "Over $7 trillion of assets… no limit to what they could be worth."
Sept '25 — Lutnick: "could well be a this-year thing." "the largest IPO in history."

Oct '25 — Pulte: "opportunistically evaluating"; timing "up to the President… if ANYTHING!" Worth "between $500B to $750 Billion."

Nov '25 — Ackman: "Rushing to IPO is a mistake. We think they are worth a lot more." Three-step plan (~$400B), taxpayers holding >$300B. They "have already paid back their SPS with 10 percent interest."
Nov '25 — Pulte: decision "this quarter or early next year."

'25 — Pulte orders the GSEs to "count cryptocurrency as an asset for a mortgage."

Dec '25 — Burry: owns "good size" in both; relisting "nearly upon us."
Dec '25 — Lutnick: "We are well down the road."

Jan '26 — Trump: "a truly great decision… AN ABSOLUTE FORTUNE… $200 BILLION DOLLARS IN CASH." → orders ~$200B in mortgage-bond buys. 30-yr → 5.99%.
Pulte: "We are on it, Mr. President!"
Pulte on IPO: "It's entirely up to him… There's only one person who knows."

Jan '26 — Bessent, the real gate: "the most important metric… is any study or hint that mortgage rates would go up… a safe and sound release is going to hinge on the effect of long-term mortgage rates." + "Privatization… is a goal for this administration… the one requirement is that they are privatized in such a way that mortgage spreads do not widen."

Mar 13 '26 — Trump EO 14393: FHFA report due in 120 days.
Mar 22 '26 — Ackman: "Now that you have the time, Mr. President, let's Stop the Steal!" — $301B in dividends = SPS repaid.
Mar 30 '26 — Ackman: "stupidly cheap… could be a 10X." "Trump likes big deals and this would be the biggest deal in history."

Jun 5 '26 — Trump: "No, it's not [off the table]… It's not a rush." Floats ~$1T value.
Jun '26 — Pulte: "Great week for Fannie and Freddie. Stronger than ever." + "extraordinarily strong liquidity… I expect a very strong summer and fall season!"

Jul '26 — Burry: "no indication of any clarity regarding the ERCF." Real drivers = SPS + the Sept 7 '28 warrant expiry. Repaid → 3–4x, then 6–7x. Affirmed → "low single digits."

~Jul 11 '26 — FHFA 120-day report due.
Aug 10 '26 — Public comment period on the EO 14393 mortgage-credit report closes.

The entire GSE shareholder base is waiting. Time for the admin and the investors who've carried this to speak.

@pulte @BillAckman @michaeljburry @SecScottBessent @nicosintichakis @DoNotLose