Jul. 10 at 6:20 PM
$FNMA Leaning toward optimistic resolution where Trump negotiates Golden Share in
$FNMA and
$FMCC, in lieu of the SPS - (and net profit sweep) - Junior Preferred's start paying divi's and gets back to par. Trump appoints high priests of finance to board and then SWF/Office of President can manage the Golden Share (when/if SWF gets going). Expecting deal to be announced (Q4 2025) post labor day, after 1st rate cut, and perhaps new FED Chair. In this scenario,
$FNMA opens
$35/share post recap (Q1 2026) and finds
$100+/share in 2026/2027. This gives Pulte a full quarter of performance in 2025, and financial visibility in to 2026.