Billionaire investor Bill Ackman has revealed a new plan that he says could return more than $300 billion to American taxpayers and reset the future of Fannie Mae and Freddie Mac.
His proposal, shared Tuesday in a presentation on X, comes as the Trump administration looks for ways to ease rising housing costs across the country.
Fannie Mae and Freddie Mac are two huge mortgage companies that help keep money flowing through the housing market. Instead of lending directly to homebuyers, they buy mortgages from banks, bundle them into securities, and guarantee them for investors.
This system helps keep mortgage rates steady and allows lenders to issue more loans. Today, the two companies back or own nearly half of all US home loans — about $12 trillion in debt, LGMCORP reported.
Ackman's hedge fund, Pershing Square Capital Management, is the largest common shareholder in both companies, holding more than 210 million combined shares.
Because of that stake, he has followed their situation closely since they were placed under federal control during the 2008 financial crisis.
Highlights from @BillAckman $FNMA $FMCC presentation
— RY (@xohryanx) November 18, 2025
1) Account for the repayment of the SPS, exercise 79.9% warrants in both companies, and relist Fannie and Freddie on NYSE.
2) Basically they wouldn’t be leaving conservatorship. But honoring the SPS and up-listing to the… pic.twitter.com/7WgGuX6NzS
Bill Ackman's Three-Step Proposal
According to FoxBusiness, in his presentation, Ackman laid out a three-part plan he believes the Treasury Department and the Federal Housing Finance Agency (FHFA) can act on right away.
First, he said the government should officially acknowledge that Fannie Mae and Freddie Mac have repaid the money taxpayers gave them during the 2008 bailout.
Both companies have sent hundreds of billions of dollars in profits to the US Treasury — far more than what they received in rescue funds.
Second, he wants the government to exercise its warrants, which give it the right to buy nearly 80% of each company's stock at a very low price.
Doing so would make taxpayers the majority owners. Ackman says this move alone could be worth more than $300 billion to the public.
Third, he believes the companies should be returned to the New York Stock Exchange. Fannie and Freddie were removed from the exchange when they entered conservatorship, but Ackman argues they now meet the requirements to be listed again. Relisting would reopen full trading for investors and signal that the companies are ready to stand on their own.
Ackman's proposal arrives at a time when the administration is exploring major changes to housing, including a proposed 50-year mortgage.
Supporters say such policies could help people buy homes, while critics warn that they could leave borrowers stuck with long-term debt.
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