Your Roadmap
Five sections covering everything a new investor needs to understand Fanniegate. Follow the path.
Timeline
Where it all began
Key dates from the 2008 conservatorship through the Net Worth Sweep, major court rulings, and the current push for release in 2025-2026.
Key Court Cases
The legal battlefield
Lamberth, Perry Capital, Collins v. Mnuchin/Yellen (Supreme Court), and Fairholme. The legal battles that shaped shareholder recovery.
The Net Worth Sweep
The crime itself
What the Third Amendment did and why it matters. How the government changed a 10% dividend into a 100% profit sweep — forever.
Analysis Framework
The investment thesis
How Glen values junior preferred shares using Benjamin Graham's methodology: asset backing, earnings power, coverage ratios, margin of safety.
Recommended Reading
Go deep
Glen's 8 Fanniegate books (one per year, 2016-2024), Security Analysis by Benjamin Graham, and the key blog posts from the archive.
The 60-Second Version
In 2008, the government placed Fannie Mae and Freddie Mac into conservatorship. They drew ~$190 billion from Treasury. Unlike every other bailed-out company, they were never allowed to repay and exit.
In 2012, right as both companies became massively profitable, Treasury secretly changed the deal: instead of a 10% dividend, the government would sweep 100% of profits — forever. This is the Net Worth Sweep.
Fannie and Freddie have now paid Treasury over $300 billion — far exceeding what was drawn. Shareholders have received nothing. Multiple lawsuits reached the Supreme Court. As of 2025, recapitalization and release are being actively discussed by Treasury Secretary Bessent.
Glen Bradford has documented every step since 2014: 8 books, 300+ articles on SeekingAlpha, and his entire net worth in junior preferred shares.
The Full Starter Pack
Links to every resource, document, and analysis you need to go deep on Fanniegate.
Timeline: Conservatorship to Today
The key dates from the 2008 seizure through the Net Worth Sweep, the major court rulings, and the current push for recapitalization under Treasury Secretary Bessent.
Key Court Cases
Judge Lamberth's trial, Perry Capital v. Mnuchin, Collins v. Yellen (Supreme Court), and the Fairholme case. Each ruling shaped the path to shareholder recovery.
The Net Worth Sweep Explained
In August 2012, the Third Amendment changed the terms of the government's preferred stock from a 10% dividend to a full sweep of all profits — forever. This is the core of Fanniegate: the government took 100% of earnings from two companies it did not own, right as they became massively profitable.
Glen's Analysis Framework
How Glen values junior preferred shares using Benjamin Graham's framework: asset backing, earnings power, coverage ratios, and margin of safety. The same methodology that produced a 3,387% return.
Recommended Reading
Glen wrote 8 books on Fanniegate — one per year from 2016 to 2024. Start with Book 1 (Fanniegate) or jump to Book 8 (Victory Lap) for the latest. Plus Security Analysis, the foundational text behind the entire thesis.
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This page reflects Glen Bradford's personal views and interpretation of publicly available documents, court filings, and news coverage. It is not legal or financial advice. Glen holds Fannie Mae and Freddie Mac preferred shares and has a financial interest in these companies. Do your own research and consult qualified professionals.
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