According to CNBC, shares of Fannie Mae and Freddie Mac have both surged over 60% cumulatively from October 14 through Monday's close, and rose another roughly 3% during Tuesday's reporting. Bill Ackman, who holds stakes in both companies through Pershing Square, stated that the midterm elections could serve as a turning point for the two mortgage giants to exit federal conservatorship, reiterating his support for ending the conservatorship. The report noted that the exit arrangement still involves issues such as recapitalization and equity held by the Treasury Department. Treasury Secretary Scott Bessent recently stated that the administration will examine the ownership structures of Fannie Mae and Freddie Mac, and any decisions will be guided by ensuring that the spread of agency mortgage-backed securities over U.S. Treasuries does not widen.