Greg Lawrence

[Greg Lawrence @glawrence]

@BillAckman, check out Fannie Mae's website, which has the NYSE Director Independence Standards posted since January 6, 2026, on the Corporate Governance page https://t.co/XDiTAy0YXV

[Greg Lawrence @glawrence]

Amen, Tim!!!

[Greg Lawrence @glawrence]

@timpagliara @pulte Amen!

[Greg Lawrence @glawrence]

Stephanie is ALWAYS negative. Always. Total Chicken Little. Sure, she’ll be right eventually, but so is a broken clock. Not a knock on you, @MariaBartiromo. You’re THE BEST! Many of your other guests have balanced commentary. Not Stephanie. Stephanie is brilliant, but jeez, I can’t remember her ever being positive.

[Greg Lawrence @glawrence]

@usnavycmdr Exactly! Free the GSEs!!

[Greg Lawrence @glawrence]

@usnavycmdr Silly reporter calls Fannie a Fortune 500 Company. Soon, I hope, but small cap now. Good job, Reuters!!!

[Greg Lawrence @glawrence]

This appears to be it! I recall the RFI in October, but didn’t connect the dots to release. Now that I look at it all together, it seems obvious that Polte is briefing the FSOC on Thursday regarding THE plan! Moreover, I saw the WH touting that Trump was making several announcements on Monday concerning affordability, particularly housing. Fingers crossed!!!

[Greg Lawrence @glawrence]

I understand why you feel this way. However, one thing that drives me nuts is teams’ giving up bc it looks impossible. I hate seeing teams run the ball when they’re down by 3 scores with a minute to go. What?! You should be throwing nothing but Hail Mary’s! Here, there’s still a microscopic chance that they could win. How? You’d know better, but some crazy form and series of penalties can cause crazy situations.

[Greg Lawrence @glawrence]

@BillAckman Great work! What you and no one else to my knowledge have highlighted is that--as detailed below--the U.S. has received ~2.5X more wealth from its investment in the GSEs than if it had invested the same money in the stock market!  Thus, the U.S. has been handsomely compensated well beyond any reasonable expectations, and the SPSs should thus be deemed paid.  This is because the government received a total return of approximately 2,268% return on its investment in the GSEs, and the S&P 500 has averaged a total of 852% return over the same period.  Here’s the math and the reasoning:  All of the non-U.S. stakeholders in the GSEs (commons and preferred shareholders) repeat over and over that the government has been “overpaid” by $25 billion on the SPSs per their terms.  This is obviously true.  BUT the SPSs also came with warrants for 79.9% of the GSEs' common stock.  Thus, in exchange for investing a total of $191.4 billion (the amount actually paid into the GSEs by the U.S. since 2008), the U.S. has received NOT ONLY $301 billion in payments from the GSEs (principal and interest due PLUS the $25 billion), but also the value of 79.9% of the enterprise value of the GSEs—potentially up to ANOTHER $300 billion!!!  That is, if the SPSs are deemed paid today by Executive Order, the U.S. will have still have received up to $600 billion (consisting of $301 billion in actual payments plus up to $300 billion for the value of the 79.9% warrants) for investing $191.4 billion.  This all occurred over time, so the rate of return will have to be calculated precisely.  My instinct tells me that it would all end up in the government's receiving something like a 20% annualized return over this whole sordid affair—i.e., 2008 to present.  I used Grok to do the calculations, and it arrived at 20.2% average annualized return for the government’s GSE investments.  Over the same period, the S&P had a 14% annualized return.  When you total the annualized returns over this period, the government received a total return of approximately 2,268% on its investment in the GSEs, and the S&P 500 has averaged a total return of 852% over the same period.  Thus, the U.S. has received 2.5X more wealth from its investment in the GSEs than if it had invested the same money in the stock market!  Drop. The. Mic.  When you use this, please give me credit! I'm a longtime investor in the GSEs, and I firmly believe that the U.S. has been ENORMOUSLY overcompensated for its bailout of the GSEs at the expense of shareholders.

[Greg Lawrence @glawrence]

@BillAckman What you and no one else to my knowledge have highlighted is that--as detailed below--the U.S. has received ~2.5X more wealth from its investment in the GSEs than if it had invested the same money in the stock market!  Thus, the U.S. has been handsomely compensated well beyond any reasonable expectations, and the SPSs should thus be deemed paid.  This is because the government received a total return of approximately 2,268% return on its investment in the GSEs, and the S&P 500 has averaged a total of 852% return over the same period.  Here’s the math and the reasoning:  All of the non-U.S. stakeholders in the GSEs (commons and preferred shareholders) repeat over and over that the government has been “overpaid” by $25 billion on the SPSs per their terms.  This is obviously true.  BUT the SPSs also came with warrants for 79.9% of the GSEs' common stock.  Thus, in exchange for investing a total of $191.4 billion (the amount actually paid into the GSEs by the U.S. since 2008), the U.S. has received NOT ONLY $301 billion in payments from the GSEs (principal and interest due PLUS the $25 billion), but also the value of 79.9% of the enterprise value of the GSEs—potentially up to ANOTHER $300 billion!!!  That is, if the SPSs are deemed paid today by Executive Order, the U.S. will have still have received up to $600 billion (consisting of $301 billion in actual payments plus up to $300 billion for the value of the 79.9% warrants) for investing $191.4 billion.  This all occurred over time, so the rate of return will have to be calculated precisely.  My instinct tells me that it would all end up in the government's receiving something like a 20% annualized return over this whole sordid affair—i.e., 2008 to present.  I used Grok to do the calculations, and it arrived at 20.2% average annualized return for the government’s GSE investments.  Over the same period, the S&P had a 14% annualized return.  When you total the annualized returns over this period, the government received a total return of approximately 2,268% on its investment in the GSEs, and the S&P 500 has averaged a total return of 852% over the same period.  Thus, the U.S. has received 2.5X more wealth from its investment in the GSEs than if it had invested the same money in the stock market!  Drop. The. Mic.  When you use this, please give me credit! I'm a longtime investor in the GSEs, and I firmly believe that the U.S. has been ENORMOUSLY overcompensated for its bailout of the GSEs at the expense of shareholders. Here's my back-of-the-envelope logic and calculations using Grok: https://t.co/K9aLEehaqK

[The Fighting Irish @FightingIrish]

Irish Nation travels. Every time. Everywhere.

#GoIrish☘️

[Greg Lawrence @glawrence]

@BillAckman The elephant in the room that no one seems to talk about is that not only has the government been fully repaid in CASH, but it got 80 percent of the company as part of the original deal. That is, the 80 percent ownership via the warrants is overlooked in calculating the government's compensation for its bailout of the GSEs--and thus the magnitude of payback/profit is many times greater than anyone seems to be touting. (Sorry if you've been touting this and I just missed it.) For the government to do anything other than write down the SPS would be that much more crazy given that!

[Greg Lawrence @glawrence]

@SnoopDogg Happy Birthday Snoop! My wife Jennifer brags all the time about your note you wrote in her copy of your cookbook at the Kidsave event this summer!

[Greg Lawrence @glawrence]

@BillAckman Bill, Please consider highlighting President Trump's letter, which makes your projected path to release certain. By saying the shareholders have been ripped off, he's saying Sr. Pref's should be deemed paid via the sweep, and the liquidation preference should disappear. Thanks!