President Donald Trump said Friday that his administration is still considering a public offering of shares in mortgage finance giants Fannie Mae and Freddie Mac, despite naming the government’s top housing regulator to temporarily lead the nation’s intelligence agencies.
Bloomberg reported that while speaking to journalists aboard Air Force One, Trump dismissed suggestions that plans for an initial public offering (IPO) of the government-sponsored enterprises (GSEs) had been shelved following his decision to appoint Federal Housing Finance Agency Director Bill Pulte as acting director of national intelligence.
“No, it’s not,” Trump said when asked whether an offering was off the table. “We’re thinking about an IPO for that. It’s not a rush.”
The last reported talk around the GSEs’ potential IPO was back in November. At that time, Pulte said while speaking at a conference in New York City that Fannie and Freddie would remain in federal conservatorship, but that the government was exploring the sale of up to 5% of their shares.
The future of the GSEs has been a closely watched issue during Trump’s second term. The companies have operated under federal conservatorship since the 2008 financial crisis and now support roughly 70% of the U.S. mortgage market, making any changes to their ownership structure highly consequential for housing finance.
Trump revived discussion of Fannie Mae’s and Freddie Mac’s future in May 2025 when he said he was giving “serious consideration” to taking the companies public while maintaining the government’s implicit guarantee.
Since then, the administration has consulted with major bank executives, including JPMorgan Chase‘s Jamie Dimon, Goldman Sachs‘ David Solomon and Bank of America‘s Brian Moynihan. In August, the president signaled plans for an IPO.
Investor enthusiasm surrounding the possibility of an IPO boosted shares of Fannie and Freddie last year. But Bloomberg reported that both companies’ stocks have fallen more than 30% this year as doubts emerged about whether the administration would ultimately move forward with the plan.
As of Friday at 4:15 p.m. EtT, Fannie Mae’s stock (FNMA) had dropped 0.74% and Freddie Mac’s (FMCC) was down 1.07%.
Pulte’s double duty
As Pulte is gearing up to add acting director of national intelligence to his resume on June 30, Trump told The Wall Street Journal on Friday that he wants him to begin reducing staffing across the U.S. intelligence community. The president said he believes the Office of the Director of National Intelligence is “unnecessary” or “too big.”
Trump also indicated this week that he does not plan to nominate Pulte for the position permanently once his temporary appointment expires. He told reporters on Thursday that Pulte “is not going to be permanent” because “I don’t think he’d want to be permanent,” according to multiple media reports.
Pulte’s selection has drawn criticism from Democrats and some Republicans who have questioned his lack of national security experience.
The role requires Senate confirmation, although some lawmakers have indicated that they would not approve the nomination. Sens. Bill Cassidy (R-La.), Susan Collins (R-Maine) and Lisa Murkowski (R-Alaska) joined Democrats on Thursday in backing an amendment that would bar Pulte from serving as acting director of national intelligence while simultaneously leading the FHFA.