The Trump administration is considering an initial public offering (IPO) for government-controlled mortgage giants Fannie Mae and Freddie Mac, potentially valuing the combined entities at $500 billion or more. The offering could take place as early as late 2025, with some reports suggesting a fall or winter timeline. Discussions include the possibility of merging Fannie Mae and Freddie Mac into a single publicly traded company under the ticker symbol 'MAGA.' However, uncertainties remain regarding whether the entities will continue under conservatorship and how their shares would be valued. Pimco has warned that the IPO could disrupt the mortgage-backed securities market and lead to higher mortgage rates if government guarantees are removed, though the Trump administration has indicated that guarantees would remain in place for now. Wall Street banks are actively seeking to participate in the anticipated offering, viewing it as a potential windfall. Industry experts caution that privatizing Fannie Mae and Freddie Mac may take years rather than months due to their current undercapitalized status. The move to privatize these mortgage giants represents a complex effort to unwind federal control that previous administrations have avoided.