Trump Admin Eyes Housing Fix as Billionaire Bill Ackman Drops New Fannie–Freddie Proposal

Billionaire hedge fund manager Bill Ackman said he will introduce a new proposal next week involving Fannie Mae and Freddie Mac, the mortgage-finance companies that have remained under federal conservatorship since the 2008 financial crisis.

Ackman announced on X that the plan would allow the Trump administration “to achieve all of its objectives of maximizing value for taxpayers, eliminating the risk of mortgage spreads widening, and enabling the U.S. Treasury to demonstrate a mark-to-market value for its shareholdings in the two companies.”

He said the livestream detailing the proposal is scheduled for Tuesday, Nov. 18 at 10:30 a.m. ET.

According to Ackman, the transaction could be completed before the end of the year, “meeting the expectations of all stakeholders.”

Ackman also addressed speculation surrounding his firm’s holdings in the companies.

He said Pershing Square “has not sold our stake in the two companies” and continues to be the largest common shareholder in both, with more than 210 million shares combined.

We will be hosting a Space on @X about Fannie Mae and Freddie Mac on Tuesday, November 18th at 10:30am Eastern.

On the Space, we will share a proposed transaction which will enable the @realDonaldTrump Administration to achieve all of its objectives of maximizing value for…

— Bill Ackman (@BillAckman) November 13, 2025

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Earlier in the year, Ackman suggested merging Fannie Mae and Freddie Mac into a single entity in an effort to reduce costs and lower mortgage rates.

At the time, he said such a move could streamline the housing-finance system and increase value for existing shareholders.

Fannie Mae and Freddie Mac play a central role in the U.S. housing-finance structure.

Instead of issuing home loans directly, they purchase mortgages from banks and lenders, package those loans into securities, and guarantee those securities for investors.

The process provides lenders with a steady source of cash for issuing new loans, which keeps mortgage credit available and rates relatively consistent across the country.

Fannie Mae was established in 1938 during the New Deal to broaden access to homeownership by creating a secondary mortgage market.

Freddie Mac was created roughly 30 years later to increase competition and provide additional liquidity in that market.

Together, the two institutions own or guarantee about half of all U.S. residential mortgages, representing approximately $12 trillion in outstanding debt.

Their scale made them major participants in the 2008 financial crisis, when both absorbed significant losses tied to declining loan quality.

In response, the federal government placed them under conservatorship through the Federal Housing Finance Agency, where they continue to operate.

Ackman’s announcement comes as the Trump administration considers new measures aimed at increasing housing affordability, including a proposed 50-year mortgage.