FNMA
Federal National Mortgage Association provides financing solutions for residential mortgages in the United States. The company operates in two segments, Single-Family and Multifamily. It offers mortga...
FNMA stock pitch - 2026-02-03
FNMA (exited position): 493.6% return over 12yrs vs S&P's 321%, benefited from conservatorship exit expectations. Sold Q4 as risk/reward shifted - uncertain IPO valuation/timing, unclear common shareholder treatment, mortgage rate impact questions. Still hold preferreds as safer bet on privatization at par value.
The Art of the Deal
A detailed presentation by Pershing Square on the investment case for Fannie Mae and Freddie Mac, focusing on the end of conservatorship and the potential for a significant return on investment. The presentation outlines the history of the GSEs, their current state, and a framework for their restructuring and recapitalization.