Share price
$6.27
▲ 1.24% intraday
Fannie Mae Shares Advance Following Executive Departures With $238 Billion Treasury Claim Pending
Shares in Federal National Mortgage Association advanced on Friday despite ongoing upheaval among its top executives. At least 10 senior leaders are departing, The Wall Street Journal reported. Multiple executives learned on Wednesday that their roles were being cut.
OTCMKTS:FNMA · Investor dashboard
Profitable franchise, policy-priced common stock
Market data: August 21, 2026, 13:47:28 EDT
Financial data: quarter ended June 30, 2026
Financial data: quarter ended June 30, 2026
Market value
$7.26B
Only 6.2% of GAAP net worth
Q2 net income
$4.0B
▲ 8.1% versus Q1
Treasury claim
$238B
Effective September 30; 2.04× net worth
The valuation trap
Headline book value does not flow cleanly to common shareholders.
Operating scorecard
| Measure | Q2 2026 | Q1 2026 |
|---|---|---|
| Net income | $4.0B | $3.7B |
| Net revenue | $7.6B | $7.3B |
| Credit-loss provision | $485M | $277M |
| Non-interest expense | $2.1B | $2.2B |
| Net worth | $116.5B | $112.5B |
Street view: wide policy spread
| Firm | View | Target |
|---|---|---|
| B. Riley | Neutral | $7.00 |
| Wedbush | Neutral | $8.00 |
| KBW | Underperform | $8.50 |
| BTIG | Buy | $20.00 |
| 7-analyst aggregate | Hold | $12.25 |
Common-share constraints
$208B capital gapRisk-based adjusted total-capital shortfall, including buffers.
79.9% Treasury warrantPotential fully diluted ownership at a nominal exercise price.
No public dividend capacityConservatorship terms block dividends to common and public preferred holders.
Signals to watch
Executive replacement planSpeed, seniority and mortgage-market experience will indicate operational continuity.
Capital-framework changesAny credible recapitalization path matters more than a single quarter's multiple.
Treasury claim treatmentCommon-equity value depends on dilution and the resolution of the senior preference.
U.S. Mortgage Rates Reach Highest Level in a Year as Focus Returns to Treasury Yields
U.S. mortgage rates rose on Thursday, reaching their peak since July 2025. Shares tied to the housing sector declined, while the overall market slipped. U.S. markets continued to trade as usual.
U.S. Mortgage Rates Reach Highest Level in a Year; Treasury Yields Remain Crucial for Investors
U.S. mortgage rates hit their highest level in a year, yet Monday’s Treasury action could prove more significant for housing investors. Most of the increase since February was due to movement in the benchmark yield.
U.S. mortgage rates approach 7% as daily measure exceeds weekly average
The U.S. mortgage market’s actual rate is nearer to 7% than indicated by weekly figures. Mortgage News Daily listed the 30-year fixed rate at 6.85% on Thursday. Freddie Mac showed 6.58% in its weekly report.
U.S. mortgage rate spread adds pressure on homebuilder margins as 7% nears
U.S. daily mortgage rates reached 6.85% on Thursday, marking the highest level in 13 months. Freddie Mac posted a 6.58% weekly average. The 27-basis-point difference signals new margin pressure facing homebuilders.
US mortgage rates can fall without a Fed cut, but bond math shows the limits
U.S. mortgage rates can fall without a Federal Reserve cut, but the bond-market route now open would need to deliver more than a routine quarter-point move to reverse the latest drop in homebuying demand. The Mortgage Bankers Association’s average 30-year contract rate reached 6.65% in the week ended July 10, the highest since August 2025, while purchase applications fell 7.3% to their lowest since February.
US mortgage refi window stuck closed as wide spread, not Fed cut, keeps rates high
U.S. mortgage rates fell again, which could boost homebuilder traffic but isn’t helping mortgage-banking volume much. The 30-year fixed rate is down, but refinance incentives are still weak for Rocket Companies, UWM Holdings and other lenders waiting for lower coupons to drive borrower demand.
Mortgage refi applications jump even as U.S. homebuyer demand stays soft, supply up
U.S. mortgage numbers are confusing markets. Homeowners remain fast to tap refinancing on any rate pullback, but new buyers are staying on the sidelines, so builders’ inventory is not moving.
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