Federal National Mortgage Association (FNMA) Investment Analysis:
1. Executive Summary
The Federal National Mortgage Association (FNMA), commonly referred to as Fannie Mae, operates as a government-sponsored enterprise (GSE) and occupies a singular, indispensable position within the United States housing finance system. Established by Congress, its primary mission is to provide liquidity, stability, and affordability to the residential mortgage market. The organization does not lend money directly to home buyers; instead, it functions in the secondary mortgage market by purchasing loans from primary lenders—such as commercial banks, credit unions, and non-bank mortgage companies—and packaging those loans into mortgage-backed securities (MBS) which it then guarantees for a fee.[1, 2] This mechanism allows lenders to offload credit risk and free up capital to originate new mortgages, creating a continuous cycle of funding that supports the availability of the 30-year fixed-rate mortgage, a product largely unique to the American market.[2]
The organization operates through two primary market segments: Single-Family and Multifamily. The Single-Family segment is the cornerstone of the business, focusing on 1-to-4 unit residential properties. In this segment, the enterprise generates revenue primarily through "guaranty fees," which are payments made by lenders to the enterprise for assuming the credit risk on the underlying loans.[3, 4] The Multifamily segment provides financing for rental housing with five or more units, including apartment buildings and specialized housing such as workforce or affordable housing projects.[5, 6] Revenue generation in both segments is a function of the size and credit quality of the "guaranty book of business," which reached approximately $4.1 trillion by the end of 2025.[1, 7]
As of early 2026, the company remains in a state of government-mandated conservatorship, a status that began on September 6, 2008, under the supervision of the Federal Housing Finance Agency (FHFA).[8, 9] While the enterprise continues to operate as a private corporation, its board and management are subject to the ultimate authority of the FHFA as conservator. Despite this regulatory overlay, the financial performance for the fiscal year 2025 was robust, with the organization reporting a net income of $14.4 billion.[10, 11] This profitability has allowed the enterprise to bolster its net worth to $109.0 billion as of December 31, 2025, moving it closer to the stringent capital requirements established under the Enterprise Regulatory Capital Framework (ERCF).[1, 6, 11]
The organization’s customer base is comprised of mortgage lenders who seek to sell their originations to a highly liquid counterparty. By providing a secondary market outlet, the enterprise attracts global capital into the U.S. housing sector, ensuring that mortgage rates remain lower than they would otherwise be without a government-backed secondary market.[1, 12] However, the path forward is complex, defined by a multi-billion dollar capital shortfall and the political uncertainties surrounding privatization efforts under the current administration.[2] Liquidity Cycle Foundation.
2. Business Drivers & Strategic Overview
The business model of the enterprise is driven by the volume of mortgage originations and the stability of the credit environment. Strategic focus in 2025 and 2026 has transitioned toward preparing the organization for eventual independence through aggressive capital retention and operational streamlining.
Primary Revenue Drivers
The most significant driver of top-line performance is the Net Interest Income (NII), which is largely composed of guaranty fee income. These fees are tiered based on the credit profile of the loans and the level of credit enhancement provided by the lender or third-party insurers. In the third quarter of 2025, guaranty fees accounted for roughly 81% of net revenues, demonstrating the company’s shift away from its historically large and risky retained investment portfolio toward a more stable, insurance-like fee model.[3, 7]
| Revenue Component |
Description |
Strategic Weight (2025) |
| Base Guaranty Fees |
Ongoing monthly fees collected on the unpaid principal balance (UPB) of the guaranty book. |
Primary Driver (~80%+ of revenue).[3, 7] |
| Deferred Guaranty Fees |
Fees collected at the time of loan acquisition, often linked to loan-to-value (LTV) or credit score adjustments. |
Secondary; sensitive to new acquisition volume.[7] |
| Net Interest on Portfolio |
Interest earned on the retained mortgage portfolio, which is being steadily reduced to meet regulatory caps. |
Declining; managed for liquidity and mission goals.[11, 13] |
The size of the guaranty book is influenced by macroeconomic factors such as home price appreciation, mortgage interest rates, and the organization's market share relative to its primary competitor, Freddie Mac, and private-label securitizers. In 2025, single-family home prices rose by 3.26% year-over-year, which helped offset a decline in loan turnover caused by higher interest rates.[2, 7]
Strategic Growth Initiatives
Under the direction of Acting CEO Peter Akwaboah and the oversight of the FHFA, the organization has embarked on several key strategic initiatives designed to modernize the business and strengthen its balance sheet:
- Operational Efficiency and Cost Reduction: In 2025, the enterprise undertook a significant workforce reduction, trimming approximately 1,200 employees, or 15% of its total headcount.[6, 11] This move was part of a broader effort to reduce administrative expenses, which decreased by $40 million in 2025 compared to the previous year, with further savings expected as the organization consolidates its real estate footprint.[4, 6, 11]
- Credit Risk Transfer (CRT) Programs: To manage its capital more efficiently, the organization continues to expand its CRT initiatives, such as the Connecticut Avenue Securities (CAS) and Credit Insurance Risk Transfer (CIRT) programs. These programs allow the enterprise to transfer a portion of the credit risk on its mortgage book to private investors, thereby reducing the amount of capital it is required to hold under regulatory guidelines.[3, 6, 14]
- Mission-Driven Multifamily Focus: The 2025 FHFA Scorecard mandated a multifamily purchase volume cap of $73 billion, with at least 50% of the volume directed toward "mission-driven" affordable housing.[5] The company has focused on workforce housing and Low-Income Housing Tax Credit (LIHTC) properties to meet these goals while maintaining a 99% loss-sharing coverage on its multifamily book through lender agreements.[3, 5, 6]
- Technological Modernization: The organization has integrated AI-driven tools and partnerships—such as with Palantir Technologies—to enhance fraud detection and streamline underwriting processes.[13, 15] This initiative aims to reduce the "repurchase risk" for lenders and lower the overall operational expense ratio.[13, 15]
Competitive Advantages
The enterprise maintains a formidable moat through its unique status as a GSE, which grants it several structural advantages over private market participants:
- Lower Cost of Capital: Due to the perceived "quasi-sovereign" status of its debt, the organization can issue bonds at rates significantly lower than those available to private banks.[15] This low-cost funding is the bedrock of its ability to purchase trillions of dollars in mortgages.[1, 15]
- Market Standards and Underwriting Power: The enterprise’s "Desktop Underwriter" (DU) system is the industry standard for mortgage approval. By setting the parameters for what constitutes a "conforming loan," the company effectively controls the underwriting standards for the majority of the U.S. mortgage market.[15, 16]
- Liquidity and Scale: The joint Uniform Mortgage-Backed Security (UMBS) initiative with Freddie Mac has created the world’s most liquid mortgage market, attracting a global investor base that includes central banks, sovereign wealth funds, and major institutional investors.[1, 15]
Despite these strengths, the organization faces potential competition from the "Lender Choice" initiative, which permits the use of alternative credit scores like VantageScore 4.0 alongside traditional FICO scores, potentially altering the competitive landscape for underwriting data.[17] Dominant Liquidity Engine.
3. Financial Performance & Valuation
The financial results for 2025 indicate a company that is highly profitable yet operating within the constraints of a high-interest-rate environment that has curtailed mortgage volume and increased credit risk.
2025 Financial Performance Summary
For the full year 2025, the organization reported a net income of $14.4 billion, a 15% decrease from the $17.0 billion reported in 2024.[6, 11] This decline was primarily attributed to a shift in credit provisions and a decrease in fair value gains, rather than an erosion of core earnings power.
| Financial Metric (Consolidated) |
FY 2024 |
FY 2025 |
Year-over-Year Change |
| Net Revenue |
$29.07 Billion |
$28.96 Billion |
-0.4% [11, 18] |
| Net Interest Income |
$28.75 Billion |
$28.61 Billion |
-0.5% [6, 11] |
| Net Income |
$16.98 Billion |
$14.36 Billion |
-15.4% [11, 18] |
| Provision for Credit Losses |
($186 Million) Benefit |
$1.61 Billion Provision |
NM [6, 11] |
| Net Worth |
$94.66 Billion |
$109.01 Billion |
+15.2% [6, 11] |
The most significant impact on the 2025 bottom line was the $1.8 billion swing in the provision for credit losses.[6] While 2024 benefited from the release of reserves as pandemic-era fears subsided, 2025 required a provision build to account for newly acquired single-family loans and rising delinquency rates.[6] Administrative expenses for the year were $3.58 billion, a modest reduction from 2024, reflecting the impact of workforce reductions initiated in the second half of the year.[6, 11]
Segment Performance and Key Metrics
The Single-Family segment remains the primary driver of income, while the Multifamily segment contributes high-margin, mission-driven growth.
| Segment Metrics (4Q 2025) |
Single-Family |
Multifamily |
| Net Revenue |
$6.09 Billion |
$1.20 Billion |
| Guaranty Book (UPB) |
$3.57 Trillion |
$534.7 Billion |
| Avg. Charged G-Fee |
48.5 bps |
71.6 bps |
| Serious Delinquency Rate |
0.58% |
0.44% (60+ days) |
| Source |
[6] |
[6] |
Efficiency remains high, with the organization reporting an overall efficiency ratio of 29.3% in the third quarter of 2025, an improvement from 31.5% in the previous quarter.[3, 13] The "Illustrative Return on Average Required CET1" stood at 10.2% as of year-end 2025, down slightly from earlier in the year but still indicative of strong underlying profitability if the company were released from conservatorship.[1, 11]
Current Valuation and Capital Structure
The valuation of the enterprise is fundamentally decoupled from typical equity metrics due to its unique capital structure and the $120.8 billion liquidation preference of the Treasury's senior preferred stock.[12, 19]
| Market Data (March 2026) |
Value |
| Current Share Price |
$5.56 [20, 21] |
| Market Capitalization |
$6.14 Billion [21] |
| Price-to-Sales (P/S) Ratio |
1.0x - 1.27x [22, 23] |
| Price-to-Earnings (P/E) Ratio |
2.38x - 3,533x (Highly Variable) [21, 24] |
| Common Shares Outstanding |
~1.16 Billion [25, 26] |
| Treasury Warrants |
79.9% of Common Stock [9, 12] |
While the P/S ratio of 1.27x suggests the stock is undervalued compared to the diversified financial industry average of 2.39x, the P/E ratio is often distorted because common shareholders currently have no claim on the earnings being retained to build capital.[21, 22, 24] Discounted Cash Flow (DCF) models by analysts such as Simply Wall St suggest an intrinsic value of $91.41 per share, but this assumes a resolution of the senior preferred shares that does not wipe out common equity—a highly speculative assumption.[22, 23, 27] Capital Buffer Accumulating.
4. Risk Assessment & Macroeconomic Considerations
The organization’s risk profile is a hybrid of traditional mortgage credit risk and extraordinary "binary" regulatory risk.
The "Conservatorship Trap" and Regulatory Risks
- Warrant Exercise and Dilution: The most pressing risk for common shareholders is the U.S. Treasury's holding of warrants for 79.9% of the common stock at an exercise price of $0.00001 per share.[9, 12] Any privatization plan that involves exercising these warrants would cause massive dilution to existing shareholders.[12, 28]
- The $120.8 Billion "Anchor": Common shareholders sit at the bottom of the capital stack, behind $120.8 billion of senior preferred stock liquidation preference held by the Treasury.[12, 19] Unless the Treasury agrees to convert this stake into common equity or write it down as "repaid" (given the $301 billion already paid back by the GSEs since 2008), the value of the common shares may be zero in a liquidation scenario.[12, 29]
- Political and Legal Uncertainty: The company’s future is subject to the whims of the administration and Congress. Changes in FHFA leadership or Treasury policy can trigger 50% swings in the stock price in a single day.[29] Furthermore, ongoing litigation regarding the "net worth sweep" continues to create a volatile, speculative trading environment.[29, 30]
Macroeconomic and Housing Market Risks
- Interest Rate Sensitivity: The 30-year fixed-rate mortgage reached 6.3% in March 2026, up from 6.1% earlier in the year.[30] Persistently high rates have led to a 11% drop in mortgage applications, signaling a cooling in the transaction volume that drives guaranty fee growth.[30] If rates stay "higher for longer," the organization may face lower revenue from new acquisitions and an increase in the cost of debt.[31, 32]
- Affordability and Supply Headwinds: U.S. home prices remained propped up by chronic undersupply in 2025, but affordability reached multi-decade lows.[16] If home prices begin to decline sharply, the organization’s mark-to-market loan-to-value (LTV) ratios (currently at 51% for the single-family book) would deteriorate, potentially leading to higher credit losses.[3, 6]
- Government Shutdown Impacts: As seen in February 2026, a federal government shutdown can disrupt functions the GSEs rely on, such as IRS transcript verifications and Social Security number checks.[33, 34] While the organization is self-funded, these delays can slow the pace of securitization and impact quarterly net revenues.[33, 35]
Operational and Competitive Risks
- Credit Score Transition: The FHFA's move to allow VantageScore 4.0 alongside FICO 10T ends the "monopoly mandate" in the mortgage sector.[17] This introduces operational risk as the organization must adapt its pricing models to account for different scoring methodologies.[17]
- Cybersecurity and AI Model Risk: The increasing reliance on AI for credit decisioning and fraud detection creates a new frontier of risk. Any failure in these models or a major data breach could result in significant reputational and financial damage.[15, 36] Speculative Policy Hostage.
5. 5-Year Scenario Analysis
Developing a 5-year outlook for the organization requires projecting both fundamental financial performance and the probability of specific political outcomes. The primary driver of the share price is not sales growth, but the nature of the exit from conservatorship.
Scenario 1: The High Case - "Aggressive Privatization" (Probability: 25%)
In this scenario, the Trump administration and Chairman William Pulte accelerate the timeline for an IPO, aiming for late 2026 or early 2027. The Treasury agrees to a "Repayment Settlement," where the $301 billion already paid to the government is credited against the senior preferred liquidation preference, clearing the path for common equity.[12, 28, 37]
- Fundamentals:
- 5-Year Revenue CAGR: 5.5% (Driven by a rebound in mortgage volume as rates normalize to 5.0%).
- Net Income (2030): $18.5 Billion.
- Strategic Action: A $30 Billion equity raise to bridge the capital shortfall; NYSE relisting occurs.[28]
- Valuation Multiplier: 12.0x P/E (Market rerates the stock as a blue-chip financial utility).
- Projected Share Price (2030): $34.00.[28, 37]
Scenario 2: The Base Case - "Staged Release" (Probability: 55%)
The organization continues to build capital organically through earnings retention. The Treasury exercises its 79.9% warrants but agrees to a gradual sell-down of its stake over five years. The senior preferred liquidation preference is converted to common equity, causing significant but not total dilution.[12, 28, 38]
- Fundamentals:
- 5-Year Revenue CAGR: 3.1% (Consistent with analyst projections of slow, stable growth).[39, 40]
- Net Income (2030): $16.2 Billion.
- Strategic Action: Partial release from conservatorship by 2028; company remains regulated but retains independence over dividends.[2, 38]
- Valuation Multiplier: 4.5x P/E (Reflects ongoing regulatory oversight and dilution overhang).
- Projected Share Price (2030): $12.90.[23, 41]
Scenario 3: The Low Case - "Permanent Conservatorship" (Probability: 20%)
Political gridlock or a major economic recession halts the privatization process. The organization remains in conservatorship indefinitely. A new administration in 2029 reinstates the "net worth sweep" or converts the enterprise into a government agency, effectively zeroing out the common equity.[9, 29]
- Fundamentals:
- 5-Year Revenue CAGR: 1.0% (Housing market remains stagnant; credit losses rise).
- Net Income (2030): $10.0 Billion.
- Strategic Action: No exit; capital accumulation reaches $200B but remains "locked" by the FHFA.[2]
- Valuation Multiplier: 1.0x P/E (Speculative premium evaporates).
- Projected Share Price (2030): $2.50.
5-Year Share Price Trajectory Table
| Year |
High Case ($) |
Base Case ($) |
Low Case ($) |
| 2026 |
$15.00 |
$7.00 |
$4.50 |
| 2027 |
$25.00 |
$8.50 |
$4.00 |
| 2028 |
$31.00 |
$10.00 |
$3.50 |
| 2029 |
$33.50 |
$11.50 |
$3.00 |
| 2030 |
$34.00 |
$12.90 |
$2.50 |
Weighted Price Target Analysis
$(0.25 \times 34.00) + (0.55 \times 12.90) + (0.20 \times 2.50) = 8.50 + 7.10 + 0.50 = \$16.10$
Asymmetric Speculative Opportunity.
6. Qualitative Scorecard
Rating the enterprise on a scale of 1–10 based on fundamental and strategic metrics.
- Management Alignment (Score: 3/10): The current management structure is misaligned with common shareholders. Acting CEO Peter Akwaboah and other executives are compensated via salary and deferred cash, with virtually zero equity-linked incentives due to the conservatorship.[42] Insider activity is non-existent as no new equity can be granted or sold.[42]
- Revenue Quality (Score: 10/10): Revenue is of exceptionally high quality. It consists of recurring, annuity-like guaranty fees that are not sensitive to interest rate "spread" risk, making it one of the most stable revenue models in the financial services sector.[3, 7]
- Market Position (Score: 9/10): The organization is winning in terms of stability but losing a small amount of market share to non-agency lenders and private-label securitizers as the "jumbo" and non-QM markets recover.[15, 16, 43] However, its duopoly with Freddie Mac remains unchallenged in the conforming market.[2]
- Growth Outlook (Score: 4/10): Growth is inherently limited by the company’s charter and the saturation of the U.S. mortgage market. Future growth is tethered to home price appreciation and the slow expansion of the multifamily book.[5, 7]
- Financial Health (Score: 6/10): While the company is highly profitable and has $118 billion in cash, it is technically "undercapitalized" relative to regulatory requirements. Its $109 billion net worth is significant but shadowed by $4.1 trillion in liabilities.[1, 44]
- Business Viability (Score: 10/10): The business is essential. The U.S. housing market cannot function in its current form without the liquidity provided by the GSEs. There is no realistic private-sector alternative that could absorb $4 trillion in mortgage risk.[2, 29]
- Capital Allocation (Score: 1/10): Capital allocation is non-existent. Management has zero authority to pay dividends, repurchase shares, or invest in non-core business lines.[2, 9] All capital is "dead" until a release from conservatorship occurs.
- Analyst Sentiment (Score: 5/10): Sentiment is deeply divided. Institutional "event-driven" analysts are highly bullish, while fundamental "value" analysts are bearish due to the lack of shareholder rights.[24, 41]
- Profitability (Score: 9/10): A net margin of ~50% is world-class. The enterprise generates more net income per employee than almost any other major corporation.[11, 18]
- Track Record (Score: 2/10): For 17 years, the organization has failed to create value for common shareholders, with the stock trading as a "penny stock" despite billions in profit.[2, 29]
Blended Qualitative Score: 5.9 / 10
Essential High-Margin Utility.
7. Conclusion & Investment Thesis
The Federal National Mortgage Association presents a unique paradox for investors: it is one of the most profitable and essential companies in the global financial system, yet its equity value is entirely dependent on a single political decision. The 2025 financial performance confirms that the "Guaranty Fee Machine" is functioning perfectly, generating billions in net income and building a massive $109 billion capital buffer.[1, 10] The organization's strategic move toward operational efficiency and the trimming of 15% of its workforce demonstrates a management team that is "IPO-ready" in terms of fiscal discipline.[6, 11]
The investment thesis centers on the "Normalization of the GSEs." If the current administration proceeds with an NYSE relisting and a settlement of the senior preferred shares, the stock could experience triple-digit returns as it rerates from a speculative pink-sheet ticker to a dominant financial institution.[28, 37] However, the 79.9% warrant overhang and the potential for a "delayed release" remain the primary risks that could trap capital for another decade.[12, 30] For the patient investor, the organization represents an asymmetric bet on the resolution of the 2008 financial crisis's final unresolved chapter. Regulatory Rebirth Potential.
8. Technical Analysis, Price Action & Short-Term Outlook
As of late March 2026, the share price of $5.56 is trading approximately 18-20% below its 200-day simple moving average (SMA), which sits between $6.85 and $9.96 depending on the specific exchange data.[45, 46] The stock has experienced a sharp 44% year-to-date decline, driven by waning optimism for a near-term IPO and a drop in mortgage application volume.[22, 30] While short-term "Buy" signals are emerging on the 5-day and 10-day averages ($5.17 and $4.96), the long-term trend remains firmly bearish until a clear policy catalyst is announced.[45] Oversold Speculative Pullback.
- Investor Relations | Fannie Mae, https://www.fanniemae.com/about-us/investor-relations
- Fannie Mae vs. Freddie Mac in 2026: 7 Critical Differences Every Home Buyer and Investor Should Know - AmeriSave Mortgage Corporation, https://www.amerisave.com/learn/fannie-mae-vs-freddie-mac-in-critical-differences-every-home-buyer-and-investor-should-know
- $3.9 billion third-quarter profit - SEC.gov, https://www.sec.gov/Archives/edgar/data/310522/000031052225000513/fnma2025q3pressrelease.htm
- Fannie Mae 3Q Net Income of $3.9 Billion is 31st Consecutive Quarterly Profit, https://www.fanniemae.com/media/56366/display
- Form 8-K for Federal National Mortgage Association Fannie MAE filed 02/04/2025, https://fanniemae.gcs-web.com/static-files/2c8eedf0-8f69-4581-92f3-7bdf0b489ccd
- Fannie Mae Earns $3.5 Billion in Fourth Quarter, $14.4 Billion in 2025, https://www.fanniemae.com/media/56636/display
- Fannie Mae Q3 2025 Financial Results Webcast, https://www.fanniemae.com/newsroom/fannie-mae-news/third-quarter-2025-financial-results-webcast
- Conservatorship - FHFA, https://www.fhfa.gov/conservatorship
- Federal takeover of Fannie Mae and Freddie Mac - Wikipedia, https://en.wikipedia.org/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac
- Fannie Mae Reports Net Income of $3.5 Billion for Fourth Quarter 2025 and $14.4 Billion for Full-Year 2025, https://www.fanniemae.com/newsroom/fannie-mae-news/fourth-quarter-full-year-2025-financial-results
- 4Q & Full Year 2025 Earnings Presentation - Fannie Mae, https://www.fanniemae.com/media/56621/display
- Who wins if Fannie and Freddie go public? | J.P. Morgan Asset Management, https://am.jpmorgan.com/wr/en/asset-management/liq/insights/market-insights/market-updates/on-the-minds-of-investors/who-wins-if-fannie-and-freddie-go-public/
- 2Q 2025 Earnings Presentation - Fannie Mae, https://www.fanniemae.com/media/document/pdf/q22025-earnings-presentation.pdf
- Fannie Mae sees $961M tender in CAS notes offer | FNMA Stock News, https://www.stocktitan.net/news/FNMA/fannie-mae-announces-results-of-tender-offer-for-any-and-all-of-ioeqeu8c9koh.html
- What is Competitive Landscape of Freddie Mac Company? - Matrix BCG, https://matrixbcg.com/blogs/competitors/freddiemac
- Fannie and Freddie market share has shrunk. Is it for good? - Scotsman Guide, https://www.scotsmanguide.com/news/fannie-and-freddie-market-share-has-shrunk-is-it-for-good/
- The Gatekeeper's Dilemma: A Deep Dive into FICO (NYSE: FICO) in 2026, https://markets.financialcontent.com/stocks/article/finterra-2026-3-20-the-gatekeepers-dilemma-a-deep-dive-into-fico-nyse-fico-in-2026
- Fannie Mae - Wikipedia, https://en.wikipedia.org/wiki/Fannie_Mae
- Federal National Mortgage Association Fannie Mae Enterprise Regulatory Capital Framework Disclosures For the Quarterly Period Ended December 31, 2025, https://www.fanniemae.com/media/document/pdf/fnma-capital-disclosures-2025q4-022426.pdf
- Fannie Mae Stock Price History - Investing.com, https://www.investing.com/equities/fannie-mae-historical-data
- Federal National Mortgage Association - FNMA - Stock Price & News | The Motley Fool, https://www.fool.com/quote/otc/fnma/
- Is It Time To Reassess Fannie Mae (OTCPK:FNMA) After The Recent Share Price Slump?, https://simplywall.st/stocks/us/diversified-financials/otc-fnma/federal-national-mortgage-association/news/is-it-time-to-reassess-fannie-mae-otcpkfnma-after-the-recent
- A Look At Fannie Mae (OTCPK:FNMA) Valuation After Recent Share Price Pullback, https://simplywall.st/stocks/us/diversified-financials/otc-fnma/federal-national-mortgage-association/news/a-look-at-fannie-mae-otcpkfnma-valuation-after-recent-share
- Fannie Mae (OTCMKTS:FNMA) Reaches New 1-Year Low - Here's What Happened, https://www.marketbeat.com/instant-alerts/fannie-mae-otcmktsfnma-reaches-new-1-year-low-heres-what-happened-2026-03-18/
- Brandon Hamara joins Fannie Mae (OTC: FNMA) board and ops team leadership, https://www.stocktitan.net/sec-filings/FNMA/8-k-federal-national-mortgage-association-fannie-mae-reports-material-f745660a8ece.html
- Federal National Mortgage Association Fannie Mae, https://www.fanniemae.com/media/55711/display
- Is Fannie Mae (FNMA) Pricing Reflect Recent Policy Focus And Sharp Year To Date Drop, https://www.sahmcapital.com/news/content/is-fannie-mae-fnma-pricing-reflect-recent-policy-focus-and-sharp-year-to-date-drop-2026-03-06
- Ackman doubles down on warning against rushed Fannie-Freddie IPO - Scotsman Guide, https://www.scotsmanguide.com/news/ackman-doubles-down-on-warning-against-rushed-fannie-freddie-ipo/
- Understanding Fannie Mae's Unusual Stock Story and Its Place in the Housing Finance System - National Association of Mortgage Underwriters (NAMU), https://www.mortgage-underwriters.org/mortgage-underwriting-news/2026/1/6/understanding-fannie-maes-unusual-stock-story-and-its-place-in-the-housing-finance-system
- Four big reasons that are hurting Fannie Mae stock today - TradingView, https://www.tradingview.com/news/invezz:6cd3c9866094b:0-four-big-reasons-that-are-hurting-fannie-mae-stock-today/
- Mortgage market and housing trends – Q2 2025 - Milliman, https://www.milliman.com/en/insight/mortgage-market-and-housing-trends-q2-2025
- 2025 Multifamily Outlook, https://mf.freddiemac.com/docs/2025_multifamily_outlook.pdf
- Impact of Federal Government Shutdown | Fannie Mae - Capital Markets, https://capitalmarkets.fanniemae.com/mortgage-backed-securities/federal-government-shutdown-impact
- Government Shutdown Implications for the Mortgage Industry, https://www.mba.org/docs/default-source/policy/white-papers/government-shutdown-implications-10-1-25_final_1759326345.pdf
- Fannie Mae outlines lender impacts of latest partial government shutdown - Scotsman Guide, https://www.scotsmanguide.com/news/fannie-mae-outlines-lender-impacts-of-latest-partial-government-shutdown/
- Annual Report 2025, https://s201.q4cdn.com/350340056/files/doc_financials/2025/ar/OFG-2025-Annual-Report.pdf
- Bill Ackman's Bold Case for Fannie Mae and Freddie Mac | Investing.com, https://www.investing.com/analysis/bill-ackmans-bold-case-for-fannie-mae-and-freddie-mac-200656008
- Promises Made, Promises Kept - AWS, https://x-shared.s3.us-east-1.amazonaws.com/Pershing+Square+Fannie+Freddie+Relisting+Presentation.pdf
- Federal National Mortgage Association (OTCPK:FNMA) Stock Forecast & Analyst Predictions - Simply Wall St, https://simplywall.st/stocks/us/diversified-financials/otc-fnma/federal-national-mortgage-association/future
- Federal National Mortgage Association (BASE:FNMA) Stock Forecast & Analyst Predictions, https://simplywall.st/stocks/ar/diversified-financials/base-fnma/federal-national-mortgage-association-shares/future
- What is the current Price Target and Forecast for Fannie Mae (FNMA), https://www.zacks.com/stock/research/FNMA/price-target-stock-forecast
- Federal National Mortgage Association (FNMA.P) Leadership ..., https://simplywall.st/stocks/us/diversified-financials/otc-fnma.p/federal-national-mortgage-association/management
- What is Competitive Landscape of Freddie Mac Company? - Porter's Five Forces, https://portersfiveforce.com/blogs/competitors/freddiemac
- Federal National Mortgage Association (FNMA.I) Balance Sheet & Financial Health Metrics, https://simplywall.st/stocks/us/diversified-financials/otc-fnma.i/federal-national-mortgage-association/health
- FNMA Technical Analysis, RSI and Moving Averages - Investing.com, https://www.investing.com/equities/fannie-mae-technical
- Federal National Mortgage Association (FNMA) Stock Price, Quote, News & Analysis, https://seekingalpha.com/symbol/FNMA