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What Bill Ackman thinks should happen to the GSEs
Hedge fund manager, billionaire and legacy government-sponsored enterprise investor Bill Ackman is pushing his plan for Fannie Mae and Freddie Mac in response to officials' call for input.Ackman, who previously has suggested that the GSEs be merged, backed off that concept in a live broadcast and subsequent Q&A in an X space Tuesday morning while offering up another plan.The founder and CEO of Pershing Share Capital Management pushed instead for accounting that would recognize the repayment of the senior preferred shares, exercise of the 79.9% warrants in the companies and a relisting of their stock."What we think is likely and highly easy to execute is effectively just an uplifting of the entities to the New York Stock Exchange once the senior preferred stock payments have been accounted for, and that can literally be done in a simple letter of agreement," he said.Relisting is important because trading in the over-the-counter markets as Fannie and Freddie's shares now effectively limits investment. "The exchange would be delighted to have these companies back," Ackman said.Ackman said he viewed Trump administration officials' plans for a secondary stock offering for a portion of the GSEs' shares as potentially valuable."It enables the administration to show the American public kind of a hint of the potential significant value," he said.Ackman said the government may decide to retain its stake but also noted that a secondary offering could pave the way or a more comprehensive move away from public ownership."It is important that the government, as part of this process, announce a timeline for when they're going to accomplish the rest of the objectives," he said.At that point, Fannie Mae and Freddie Mac could become "must-own securities for institutions and very attractive, high yielding, dividend paying companies that will be great retirement stakes for the investing public," said Ackman.Several steps would have to be taken before that could happen including establishing adequate capital, guarantee fees that would earn a sufficiently adequate return on equity, and for a deal to be struck in which existing preferred stock purchase agreement could be a potential backstop."There needs to be clarity on what powers the FHFA will retain post conservatorship," Ackman said, referring to the Federal Housing Finance Agency that oversees Fannie and Freddie.Ackman said the GSEs also would need to recruit and design the kind of compensation packages that would attract "best in class" management teams and boards of directors."Most significantly, all this needs to be accomplished, and the entities need to come out of conservatorship," he added.As far as the idea of combining the two companies, Ackman said he rejected it after looking into the possibility."I don't think it makes sense to merge," he said, walking back his earlier reading of President Trump's illustrated post about a NYSE listed Great American Mortgage Corporation as suggesting a combination, and noting that it likely represented the two entities collectively.Ackman also reiterated bitterness about how the government staged a net worth sweep in 2012 was damaging to legacy GSE investors' interests up until it was discontinued during President Trump's first term.While courts upheld the sweep and Ackman said he doesn't argue the legality, he said he considers it improper and important to avoid in any future similar circumstances. Ackman said he has been maintaining his current holdings in GSE stock with no plans either to buy or sell.
OpenAI–Intuit deal brings financial actions to ChatGPT
Intuit and OpenAI announced a multi-year partnership Wednesday, marking another stride in the financial sector's push toward widespread adoption of AI. Under the agreement, Intuit-powered apps, such as Intuit TurboTax, Credit Karma, QuickBooks and Mailchimp, will be in ChatGPT, allowing users to take financial actions directly through the AI chatbot. With knowledge of their financial data and behaviors, users will get more insightful and useful responses through the Intuit apps in ChatGPT, the companies said in a press release."We are taking a massive step forward to fuel financial success for consumers and businesses, unlocking growth for both companies," Intuit CEO Sasan Goodarzi said in the release. "Our partnership combines the power of Intuit's proprietary financial data, credit models, and AI platform capabilities with OpenAI's scale and frontier models to give users the financial advantage they need to prosper." Intuit CEO Sasan Goodarzi Intuit will deepen its use of OpenAI's frontier models in its proprietary generative AI operating system under the deal valued at more than $100 million.The partnership can help consumers make smarter money decisions by delivering personalized financial actions, with their permission, such as finding the credit card or mortgage that is best for them given their spending patterns and approval odds, getting more personalized answers to tax questions and estimating their tax refund, the release said.For businesses, the collaboration could help them create campaigns to drive customer growth, get paid faster with AI-generated invoice reminders and improve cashflow by accessing tailored loan options, for example, the release said."This partnership combines our most advanced models and global scale with Intuit's platform capabilities to help everyone make smarter financial decisions and build more secure futures," said Fidji Simo, CEO of applications at OpenAI.OpenAI has partnered with multiple companies over the last few months, including Microsoft, Amazon and a few in the mortgage space, such as Zillow and Fairway Home Mortgage. OpenAI's deal with Zillow is similar to the one with Intuit, as a user can look up a home in a specific neighborhood on Zillow without leaving the ChatGPT app.
Forgery, fraud make up 40% of title insurance losses
Fraud and forgery attempts that appear in refinance transactions are turning out to be a rising risk factor leading to claims that end up costing title insurers hundreds of thousands of dollars. Claims resulting from fraud or forgery now average $206,976, according to research conducted by the American Land Title Association and consulting and actuarial firm Milliman. They also account for over 40% of the total cost of refinance-related claims for title insurers, their report also found."This study underscores that refinances are by no means risk-free," ALTA CEO Chris Morton said in a press release. "Fraud and forgery, which cannot be detected through a public records search, are actually more common and more costly in refinance transactions compared to purchase transactions." Broken down by individual category, fraud made up 22.4% of the total loss share, while forgery represented 17.7%. The monetary total amount comes in almost seven times more than the mean cost of $30,624 attributed to all other types of loss for title companies. The findings are based on data analysis of claims reported over a ten-year period from 2014 to 2023. Participant data included nearly 162,000 claims for both purchase and refinance transactions. The share of claims paid out for refinance-related forgery and fraud is also more than double the 20% incurred from purchases. While the average size of refinance claims are based on a wider range of monetary loss amounts compared to purchases, the severity of damages came in consistently higher, according to the report. When refinance losses for the insurer are broken down, almost $139,000 arise from required payments remitted through the policies' terms, while approximately $68,000 were categorized as defense costs associated with the investigation of claims and legal representation of the insurance holder. The latest refinance figures show a marked upswing from the last 10-year report published by the two organizations in 2024. The combined percentage share of losses in the prior report, which grouped both refinance and purchases together, equaled 29%. The average cost per refinance claim for fraud and forgery is also close to 50% higher than corresponding amount in 2024's report of $143,000, with the total similarly factoring in both types of transactions. Through the first half of 2025, title insurers had paid out approximately $336 million worth of claims, inching up above the amount for the same time frame one year early of $333 million, according to ALTA's most recent market share analysis.
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