Combined holdings at Fannie Mae and Freddie Mac grew at a 77% annualized pace over the six months ending in November 2025, rising by more than $68 billion to approximately $247 billion. There remains room for further expansion. Under the Preferred Stock Purchase Agreement (PSPA), each GSE's retained portfolio is capped at $250 billion, with an additional $225 billion limit imposed by the Federal Housing Finance Agency (FHFA) under a prior director.
I personally own both Fannie Mae and Freddie Mac common stock in good size, Burry wrote in his Substack newsletter, Cassandra Unchained. I appreciate that both stocks trade in the pink sheets, unavailable to many institutional investors and, unlike all the big AI and tech names everyone loves, these are not over-owned. The two government-sponsored enterprises (GSEs) currently own 62% of all outstanding U.S. home mortgages and back roughly 70% of conforming loans.