Fannie Mae-No Politics (FNMA)

[bradford86]

Right or wrong, new investors in Fannie/Freddie won’t care how old equity got diluted. GM wiped out shareholders, came back with a clean cap table, and markets priced it normally. If gov’t steps back and the model’s sound, the multiple holds. Markets price forward, not backward.

Right or wrong, new investors in Fannie/Freddie won’t care how old equity got diluted. GM wiped out shareholders, came back with a clean cap table, and markets priced it normally. If gov’t steps back and the model’s sound, the multiple holds. Markets price forward, not backward.

— joshua rosner (@JoshRosner) July 23, 2025