Fannie Mae (QB)【FNMAJ】株式ニュース

CNBC Media Alert: President Donald Trump Interview with CNBC’s Joe Kernen to Air Tomorrow During the 5pm ET Hour. Why not in the morning? Will they finally discuss about release of the twins and uplisting? The perfect day to discuss about discussion on uplisting preferably on Texas Stock Exchange.

Fannie Mae, Freddie Mac, and Housing Policy: Given the administration’s ongoing push to privatize "The Twins," Trump will likely face questions regarding his decision to keep a public share offering (IPO) on the table. This comes right after his unexpected move to shift top housing regulator Bill Pulte into an acting national intelligence role while still managing the mortgage giants

For "The Twins" (Fannie Mae and Freddie Mac) to trade on the Texas Stock Exchange (TXSE), they must execute a multi-phase corporate, federal, and financial restructuring. Because they are currently in government conservatorship and restricted to Over-the-Counter (OTC) markets, they cannot simply move; they must undergo a complete national "uplisting" process.

Step 1: Secure Regulatory and Federal Clearance
Before touching any stock exchange, the twins must legally exit federal custody.
• Federal Housing Finance Agency (FHFA) Release: The FHFA must issue a formal administrative order or coordinate with Congress to terminate the conservatorship.
• Treasury Warrant Resolution: The U.S. Treasury holds senior preferred stock warrants representing 79.9% of the companies' equity. The government must either execute, restructure, or completely write off these warrants to clear the capital structure for public markets.
• Build Capital Reserves: Under current capital rules, both entities must collectively accumulate billions in retained earnings to meet safety and soundness requirements before operating independently.

Step 2: Undergo a Mandatory Pre-Application Review
The TXSE features a unique operational step that sets it apart from the NYSE and Nasdaq:
• Confidential Pre-Screening: The twins must submit their financials and restructuring plans to the TXSE for a mandatory, confidential upfront review. This vetting process ensures their corporate structure meets the exchange's "single-tier" standard before a formal public application is filed.

Step 3: Meet SEC and Corporate Governance Frameworks
National exchanges require strict structural protections that OTC companies do not face. [1, 2]
• Board Restructuring: Establish fully independent board committees, specifically an independent Audit Committee that mirrors SEC and TXSE criteria. [1, 2]
• File an SEC Registration Statement: File a comprehensive Form 10 or a new S-1 registration statement with the SEC to transition their financial disclosures back to national exchange reporting standards.

Step 4: Satisfy TXSE Quantitative Listing Criteria
Once corporate health is restored, the twins must hit the specific quantitative thresholds enforced by the TXSE:
• Minimum Bid Price: Shares must maintain a minimum bid price of $4.00.
• Public Float Value: The market value of unrestricted, publicly held shares must be at least $40 million.
• Public Distribution: They must establish a minimum of 1,100,000 publicly held shares spread across at least 400 round-lot holders (investors holding 100+ shares).
• Market Capitalization/Earnings Test: They must clear either the TXSE Earnings Test ($10–$12 million in aggregate pre-tax earnings over three years) or the Global Market Capitalization Test (minimum $200 million market value for at least 90 consecutive trading days).
• Secure Market Makers: Establish agreements with at least 3 to 4 registered market makers to maintain continuous liquidity on the fully electronic platform. [

Step 5: Execute the Public Offering or Uplisting
• Secondary Public Offering (SPO): To dilute the government’s remaining footprint and raise the private capital mandated by the FHFA, the twins would issue an institutional-grade stock offering.
• Commence Trading: Once the SPO prices, the SEC approves the exchange amendment, and the TXSE activates the tickers, FNMA and FMCC would formally transition from the OTC markets to live electronic trading in Dallas.

Where TXSE Outperforms the NYSE:

Lower Listing and Maintenance Fees: The TXSE is purpose-built to slash initial and ongoing compliance expenses. This makes it significantly cheaper for mid-cap firms to go public compared to the multi-million dollar annual commitments required by the NYSE.

Exemption from Political/Social Mandates: Unlike the NYSE and Nasdaq, which have faced corporate pushback over board diversity rules and environmental quotas, the TXSE positions itself as entirely politically neutral. It focuses strictly on shareholder value and basic corporate governance.

Amplified "First-Mover" Spotlight: Listing on the newly formed TXSE offers massive brand visibility. A company becomes a cornerstone of the new "Y'all Street" movement, whereas listing on the NYSE relegates a company to being just one out of thousands.

Strong Regional Ecosystem: Backed by over $161 million from heavyweights like BlackRock and Citadel, the TXSE taps directly into the surging Sunbelt economy. This connects companies to the massive concentration of Fortune 500 headquarters moving to Texas