$FNMA $FMCC

Michael Burry says Fannie Mae, Freddie Mac relisting 'nearly upon us'
Dec. 08, 2025 NMA) and Freddie Mac (FMCC) shares advanced on Monday after "Big Short" investor Michael Burry wrote up a deep dive on the two mortgage giants and their possible relisting.

FNMA gained 1.4% in midafternoon trading, while FMCC increased 1.8%.

“There remains a final steep, windy and rocky climb to IPO for both," Burry wrote in a 6,000-word post on Substack. "The deeper the fund of historical knowledge, the stronger the analytic foundation, the better the result will be for the investor,” he added.

It would not be surprising to see Berkshire Hathaway (BRK.A) (BRK.B) acquiring a large portion of the initial public offering of the two government-sponsored enterprises, Bury contended.

Burry personally owns both Fannie (FNMA) and Freddie (FMCC) common shares "in good size," he noted.

Last month, Bill Ackman said that FNMA and FMCC were still a long way from being ready to IPO, though he offered several ways to potentially accelerate the process, such as the U.S. Treasury exercising its 79.9% warrants in both companies. The Trump administration has been considering an IPO of Fannie (FNMA) and Freddie (FMCC) by late this year or early next.