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President Donald Trump has pegged the combined value of Fannie Mae and Freddie Mac at roughly $1 trillion, a figure that would make the government-sponsored mortgage giants among the most valuable financial entities on the planet. FHFA Director Bill Pulte has gone even further, suggesting the entities could be worth “trillions of dollars.”
Both GSEs are generating substantial cash and sitting on combined balance sheets that surpassed $7 trillion in assets as of 2025. Trump has instructed the GSEs to acquire $200 billion worth of mortgage-backed securities by January 2026, a move designed to stabilize mortgage rates by injecting significant liquidity into the housing finance system.
Fannie Mae and Freddie Mac have been in conservatorship since the 2008 financial crisis. Trump and Pulte have both pointed to the agencies’ improved financial health as justification for exploring an exit from conservatorship, or potentially even an initial public offering.
The crypto angle no one expected
Fannie Mae has begun accepting crypto-backed mortgages, with Bitcoin and USDC approved as collateral. The initiative involves partnerships with Better Home & Finance and Coinbase. If you hold enough Bitcoin or USDC, you may soon be able to use those holdings to qualify for a mortgage backed by the same government-sponsored entities that underwrite most American home loans.
What this means for investors
The speculation around privatization has already injected volatility into FNMA and FMCC shares, which trade on the over-the-counter market. The $200 billion MBS purchase program, if successful, could meaningfully lower mortgage rates, stimulating housing activity. Large-scale government-directed purchases also carry risks, including the potential for market distortion if the buying program crowds out private capital.
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