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Harris Real Estate Daily
By Tim & Julie Harris · November 22, 2025
⛅ Good morning, {{first_name| agents}}! If you’ve been following the headlines, you already know:
Fannie Mae and Freddie Mac are getting closer to going public again. And that matters a lot for real estate professionals.
Over the past few months, the signals coming out of Washington have become louder, clearer, and more consistent. This update breaks everything down into real-estate-agent language—quick, simple, and directly tied to how this might affect your business.
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1. The Big Picture: Momentum Is Real
Even with delays caused by the government shutdown, the plan to take Fannie Mae and Freddie Mac public (IPO) is still on track.
Here’s what matters to you:
IPO now expected in Q1 2026, not late 2025
NYSE uplisting and clarity on the Senior Preferred Shares (SPS) must happen before the IPO
The IPO will be massive—about $30 billion
The administration’s stated goal is to lower mortgage rates and strengthen homebuyer affordability
Bottom line:
Stronger GSEs → more certainty in mortgage markets → downward pressure on rates → more buyers.
2. Why the SPS Decision Matters
The last major unresolved issue is how Treasury will treat its Senior Preferred Shares (SPS)—a leftover from the 2008 rescue.
Two possible paths:
Option A: Convert the SPS into common stock
This creates heavy dilution and invites lawsuits.
Option B: Write off the SPS (deem them repaid)
Cleaner. Faster. Lower litigation risk.
And—according to many experts—the only path that keeps the IPO on schedule.
From a real-estate standpoint, the important part is this:
A write-off moves everything forward faster, which moves mortgage rates down faster.
3. New Legal Support Strengthens the Write-Off Case
A major development this week:
Mikal Watts, one of the top trial attorneys in the country, submitted a detailed filing to FHFA arguing that the SPS must be written off.
This matters because President Trump is:
A career litigator
Very aware of legal delays
Focused on eliminating obstacles
A write-off avoids years of litigation and gives buyers and banks the certainty they need to move the IPO forward.
4. What Happened With the Pulte Headlines
A series of negative press stories about Bill Pulte caused Fannie Mae’s common stock to drop about 14% last week.
Investors panicked, thinking Pulte might be replaced by former FHFA Director Mark Calabria.
However:
White House officials laughed at the idea that Pulte is “on thin ice”
He remains extremely close to President Trump
As Trump faces internal resistance in Congress, trusted loyalists like Pulte become more important, not less
So the drop was market noise—not a structural change.
5. The White House Dinner: A Strong Signal
Last Wednesday, the White House hosted a private dinner with:
John Paulson
Bill Ackman
CEOs of JPMorgan, Goldman Sachs, Citi, Morgan Stanley, Bank of America
NYSE & NASDAQ leadership
Treasury Secretary Bessent
According to multiple sources, the Fannie/Freddie IPO was discussed.
This is significant because:
These are the firms competing to lead the IPO
They’re urging the administration to finalize decisions
A source close to the process expects lead banks to be announced by Christmas, possibly Thanksgiving
Once the lead banks are picked, the administration will finalize:
SPS treatment
Warrant strategy
IPO structure
Roadshow timing
So real clarity is coming soon.
6. What This Means for Real Estate Agents
All of this movement—legal, financial, and political—points to one outcome:
A stronger, more stable, more affordable mortgage market.
Here’s what to expect as these milestones are hit:
✅ Lower mortgage rates (or at least narrower spreads)
Officials have said repeatedly: Bringing these companies public is part of a plan to make mortgages more affordable.
✅ More predictable underwriting
Ending conservatorship helps stabilize guidelines and capital requirements.
✅ More homebuilding pressure
Trump has already highlighted that major builders are sitting on more than 2 million vacant lots—and he wants GSEs involved in unlocking that inventory.
✅ More demand entering the market
As affordability improves, sidelined buyers return.
✅ A healthier, more active housing market in 2026
After a tough few years, this is the beginning of the next cycle.
7. The Bottom Line
Even with minor delays, everything still points in the same direction:
IPO: on track for early 2026
SPS write-off gaining momentum
Political support stronger than ever
Banks pushing for immediate decisions
Rate relief is part of the strategy
For agents:
👉 Better rates are coming.
👉 More buyers are coming.
👉 A more active housing market is coming.
Prepare now.
⚠️ Disclaimer
This article reflects our interpretation of publicly available information and industry commentary. We are not financial advisors, not securities professionals, and not giving investment advice of any kind.
Real estate agents, investors, and readers should not make investment decisions based on this newsletter.
Always consult with a qualified financial advisor or conduct your own independent research before investing in any security, including Fannie Mae or Freddie Mac.
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