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Pershing Square founder Bill Ackman urged the Trump administration to release Fannie Mae and Freddie Mac from government conservatorship before the end of its term, calling the move politically "crucial." He warned that if a future Democratic-controlled administration takes office, the two institutions could be used against Republicans. Following the remarks, shares of Fannie Mae and Freddie Mac in the pink sheets rose as much as 22% and 25%, respectively. Ackman has long held shares in both companies and said he remains very bullish on them. As investors grew frustrated with the lack of progress on ending the conservatorship, both companies' shares have fallen about 60% this year. U.S. Treasury Secretary Bessent said this week that the government may not address the two companies' ownership structure until 2027 or 2028, and stressed that keeping mortgage rates stable remains the government's priority.