Shares of Fannie Mae and Freddie Mac have plummeted approximately 70% over the past six months, hitting their lowest levels in over a year as investors increasingly doubt the Trump administration's commitment to a public offering of the mortgage-finance giants. The decline accelerated since mid-September when optimism peaked about a potential 2025 IPO that never materialized.

In August, shares surged on reports of a White House plan to value the enterprises at around $500 billion or more through selling 5-15% of their stock. Since then, few concrete details have emerged as the administration shifted focus to other priorities like the Iran conflict. BTIG analyst Eric Hagen described the situation as a "total unwind" due to fading clarity about the companies' future.

The mortgage giants' shares now move inversely with 10-year Treasury yields, dropping when rates rise as they did after Fed Chair Powell's recent comments. Trump's recent executive orders on homeownership affordability made no mention of an IPO, leaving the near-term outlook uncertain. Analysts like Evercore's Matthew Aks note that while concrete plans remain elusive, the administration could still prioritize the GSEs before its term ends.