Fannie Mae-No Politics (FNMA)

[Fully Diluted]

Take a look at Fitch's commentary:
https://www.fitchratings.com/research/non-bank-financial-institutions/fannie-freddie-conservatorship-exit-would-not-be-immediate-ratings-catalyst-08-01-2025

Now you can see how important government backing is for the rating. And how brilliant Ackman's proposal is. Please note: the worse the rating, the higher the mortgage rates - keyword investor confidence. The higher the capital requirements, the higher the mortgage rates – keyword ROE. Ackman's proposal solves this dilemma.

Fannie Mae and Freddie Mac (both rated AA+; Stable)…

Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs)…

If the GSEs were to exit conservatorship while maintaining the PSPAs or similar support, their ratings could remain aligned with the U.S. sovereign rating. Absent the PSPAs or equivalent support,… Fitch would rate Fannie and Freddie on a standalone basis…

If the GSEs comply with the Federal Housing Finance Agency’s (FHFA) existing capital rule… a stand-alone rating in the ‘A’ category could be possible.