Bill Ackman blasted the U.S. Treasury’s handling of Fannie Mae and Freddie Mac on Sunday, arguing the government rewrote the rescue terms through the Net Worth Sweep and diverted all quarterly profits to itself even after the companies had already repaid the bailout. Earlier, in separate remarks calling the trade his top idea for 2026, Ackman outlined a step-by-step path to exit conservatorship that he said could stabilize housing finance and deliver substantial returns for taxpayers.
In a lengthy post on X, Ackman outlined his central argument, saying shareholders are not seeking a “gift” from Washington but are instead asking the government to honor the original senior preferred stock agreement and properly account for the payments.
He contrasted the 2008-era bank rescues, citing a 5% coupon plus warrants equal to 15% of face value, including a $10 billion Treasury investment in Goldman Sachs with warrants on $1.5 billion of common stock, with what he described as harsher terms imposed on the two mortgage firms.
Ackman said Treasury’s support for the pair totaled $193 billion in senior preferred stock, plus $2 billion of commitment fees, carrying a 10% coupon and accompanied by warrants for 79.9% of each company. He added that the companies have paid Treasury $301 billion, which he said includes a blended 11.6% interest rate and full return of the $193 billion principal, plus $25 billion more than the contract required.
Why Ackman’s Push For Fannie Freedom Matters
Ackman argued the accounting outcome is upside down: despite the $301 billion he says has been sent back, …
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