President Trump told the world on June 5 that Fannie Mae and Freddie Mac might be worth a cool $1 trillion combined. The market briefly believed him, then thought better of it.
Shares of Fannie Mae (FNMA) jumped as much as 10% in early trading on the over-the-counter market. Freddie Mac (FMCC) wasn’t far behind, climbing nearly 9.7%. By midday, though, most of those gains had evaporated as analysts started doing what analysts do: running the actual numbers.
The gap between rhetoric and reality
Wall Street’s consensus estimate for the combined fair value of these two mortgage finance behemoths sits between $200 billion and $250 billion. As of March 31, 2026, Fannie Mae’s net worth stood at $112.7 billion and Freddie Mac’s at $74 billion, putting their combined book value at approximately $186.7 billion. So the president’s valuation represents roughly a 5x premium over their actual net worth.
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