Executive Order: Promoting Access to Mortgage Credit

March 13, 2026 — Two things happened today that matter if you hold Fannie Mae and Freddie Mac.

The Executive Order

President Trump signed an executive order titled "Promoting Access to Mortgage Credit." It directs every federal housing and financial regulatory agency to reduce regulatory and supervisory burdens that restrict mortgage lending, with a special focus on community banks and smaller banks.

This Executive Order directs federal agencies to reduce regulatory and supervisory burdens to expand mortgage credit, with a special focus on community banks and "smaller banks." It tasks the CFPB, Federal Reserve, FDIC, OCC, NCUA, FHFA, HUD, VA and others to propose or consider…

— Executive Order Tracker (@EOTracker) March 13, 2026

The agencies named: CFPB, Federal Reserve, FDIC, OCC, NCUA, FHFA, HUD, and VA.

The areas targeted: origination, servicing, appraisal, capital, liquidity, and digital closing processes.

Read that list again. Capital. Liquidity. Those are the exact levers that determine whether Fannie Mae and Freddie Mac can exit conservatorship. When the President tells FHFA to ease capital requirements, he's greasing the rails for recap and release.

The Lutnick-Hassett Meeting

The same day this executive order is signed, Commerce Secretary Howard Lutnick met with Kevin Hassett, Director of the National Economic Council. The Department of Commerce posted a photo — no topics detailed.

Today, Secretary Howard Lutnick met with Kevin Hassett, Director of the White House National Economic Council.

— U.S. Department of Commerce (@CommerceGov) March 13, 2026

But here's what we know:

1. Lutnick has been one of the most vocal proponents of a Fannie/Freddie IPO. He has described it as potentially "the largest IPO in history."
2. Hassett, as NEC Director, coordinates economic policy across all federal agencies.
3. This meeting happened on the same day as a mortgage credit executive order naming every relevant federal agency.

You don't need a leaked memo to read this. When the Commerce Secretary who wants the "largest IPO in history" sits down with the guy who coordinates economic policy across agencies, on the same day the President signs an executive order easing mortgage credit regulations across those same agencies — the subject of conversation is not agricultural subsidies.

Why This Matters for FNMA Shareholders

FHFA is named directly in the executive order. Bill Pulte, the FHFA Director who has already signaled support for ending conservatorship, now has explicit White House backing to reduce capital requirements and streamline oversight.

Here's what each provision means for GSE shareholders:

• Capital flexibility → Lower post-conservatorship capital requirements → faster path to recap and release
• Streamlined appraisals → More efficient GSE operations → higher profitability
• Digital closings → Lower origination costs → margin improvement
• Community bank relief → GSEs become even more central to the mortgage market
• Reduced servicing burden → Lower compliance costs → more retained earnings
• Expanded VA/FHA lending → Larger addressable market for GSE guarantees

Every one of these provisions makes Fannie Mae more profitable, more efficient, and closer to release.

The Catalyst Stack

This executive order doesn't exist in isolation. It sits on top of:

• Bessent confirmed as Treasury Secretary (pro-recap)
• Pulte at FHFA (pro-release)
• Ackman publicly advocating with a massive position
• Lutnick pushing for the "largest IPO in history"
• $300B+ already paid back to Treasury
• Record retained earnings at both GSEs
• And now: a White House executive order telling every relevant agency to ease mortgage credit regulations

This is the most direct federal action on mortgage credit access since the conservatorship began in 2008.

The Bottom Line

When the President of the United States signs an executive order that directly names the regulator holding Fannie Mae in conservatorship and tells them to ease up — that's not noise. That's signal.

The probability of recap just increased. The timeline just compressed. The political will just got formalized in writing.

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Disclosure: I hold Fannie Mae and Freddie Mac junior preferred shares across 26 series and have a direct financial interest in these companies. This is not financial advice. Do your own research and consult qualified professionals before making investment decisions.

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