Trump Eyes $200 Billion MBS Purchase Plan; GSEs Could Relist in 2026

Fannie Mae and Freddie Mac are U.S. government-sponsored enterprises (GSEs) that purchase mortgages and issue mortgage-backed securities (MBS). The Federal Housing Finance Agency (FHFA) has held them in conservatorship since the financial crisis in September 2008. Whether the companies return to private ownership and the capital markets has implications for U.S. mortgage rates, taxpayer exposure and the stability of the housing finance system.

FHFA Director Bill Pulte recently said President Trump plans to have the two GSEs purchase up to a combined $200 billion of MBS to narrow the gap between asset values and company valuations and lay the groundwork for a share offering. The latest assessment indicates that a share sale is more likely to take place after the November 2026 midterm elections or later. If completed, it would mark a significant step toward ending the companies’ government conservatorship.