Federal Housing Finance Agency Director Bill Pulte is backpedaling on his promotion of a potential initial public offering (IPO) for Fannie Mae (OTCQB: FNMA) and Freddie Mac (OTCQB: FMCC), raising the possibility that it could be delayed or might not happen at all.
Earlier this week, Pulte, announced on his personal X account that President Trump was “opportunistically evaluating an offering this time around, which could be as early as the end of 2025.” Another X message stressed that the government-sponsored enterprises combined “have over $7 trillion of assets on their balance sheets” while declaring there was no “limit to what they could be worth one day.”
However, Pulte seemed to change his gung-ho enthusiasm for an IPO when an X user asked for confirmation on whether the IPO was happening before the end of this year. Pulte responded, “I said as early as late 2025 but could be Q1 or Q2 2026. We shall see! It is up to the President what to do, if ANYTHING!”
Details on the potential IPO have been scant, with Trump hinting at one point that Fannie Mae and Freddie Mac could be combined into something called Great American Mortgage Corporation – however, there has been no further talk from the administration on a merger. Indeed, in recent weeks there has been nothing of depth on the subject from either the president or Treasury Secretary Scott Bessent, who is reportedly coordinating the potential IPO within his department.
Pulte might offer further clarification this weekend when he addresses an Association of Independent Mortgage Experts event in Nashville. This is only the second time since becoming FHFA director that Pulte has appeared at an industry conference – in May, he appeared at a Mortgage Bankers Association event focused on the secondary market.
