Fannie Mae IPO markets are collapsing across all timeframes, with the February 2027 deadline plunging 68¢ to just 18¢. In an attempt to nudge down mortgage rates last month, Trump ordered the companies to buy $200 billion in mortgage bonds, increasing uncertainty about the timing of reprivatization. "If you're talking about the spinoff of Fannie and Freddie, I think it's more likely than not they don't happen in 2026 now," one analyst noted. The massive bond-buying program signals the administration now sees the mortgage giants as active policy tools rather than privatization candidates. "It's entirely up to the president what he'll decide to do with regard to the IPO of Fannie and Freddie," FHFA Director Bill Pulte said, but the market has clearly shifted toward expecting delays well into 2027.