Fannie Mae-No Politics (FNMA)

[kthomp19]

But looking at it from the perspective you set-up, did the Trump administration even start the race let alone get to the finish line?

The administration has done far more than nothing, but far less than we have hoped.

1) Trump installed Calabria as the FHFA director. This is no small step, given Calabria's repeated statements that he is obligated by HERA to recap and release FnF. There is no way that Trump did not know about Calabria's mindset going in.
2) The presidential memo (which came out right around when Calabria was confirmed) and subsequent Treasury plan. Much later than expected, but significant nonetheless.
3) Last September's letter agreement effectively ended the NWS.

My only guess as to why they have not done more is that FnF are extremely sensitive political topics and that the administration is trying to preserve political capital for other purposes. There is little reason for them to take major steps before the election anyway, and the lame duck period (if applicable) is enough time to do what needs to be done.

The pref prices are bleeding lower, as I suspected, after the buying around SCOTUS taking case.

My opinion here is that the market is finding better perceived values elsewhere, but you are correct here.