Ackman urges the Trump administration to cancel Fannie Mae and Freddie Mac preferred shares

Investing.com – According to Barron’s, hedge fund manager Bill Ackman met with Trump administration officials this month to advocate for canceling the government-held preferred shares of Fannie Mae and Freddie Mac.

The Panshing Square CEO made his proposal during meetings with key officials, including National Economic Council Director Kevin Hassett, White House Deputy Chief of Staff James Blair, Federal Housing Finance Agency Director Mark Calabria, and Treasury Department Deputy Secretary for Domestic Finance Jonathan McNerny.

Ackman’s request focused on canceling the preferred shares held by the government, which give the government a $370 billion claim on these two mortgage finance companies. The hedge fund manager has been publicly pushing this plan for the past few months.

These meetings are part of a broader lobbying effort by investors with stakes in the outcome, trying to persuade President Donald Trump to help them realize returns on their shares in these companies.

Fannie Mae and Freddie Mac remain under government control, and it appears that it will take some time to end this status.

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