Yes, Fannie Mae is publicly traded, but not on a major exchange. Its common stock trades over the counter under the ticker FNMA, with a 52-week range of roughly $4.83 to $15.99 as of early 2026.1OTC Markets. FNMA – Fannie Mae Quote Anyone with a standard brokerage account can generally buy it. Whether you should is a different question, because the shares have been under federal conservatorship since 2008 and carry risks that ordinary stocks do not.
Where FNMA Trades Now
Fannie Mae common stock trades on the OTCQB tier of OTC Markets under the ticker FNMA.1OTC Markets. FNMA – Fannie Mae Quote Freddie Mac, its sibling government-sponsored enterprise, trades on the same platform under FMCC. Most retail brokers can route orders to both.
OTC trading is not the same experience as buying a stock on the NYSE or Nasdaq. Fewer participants trade at any given moment, so bid-ask spreads run wider and prices can jump more sharply. Orders sometimes take longer to fill. Using a limit order, where you cap the price you are willing to pay or accept, matters more here than it does with a large-cap listed stock.
Why Fannie Mae Left the New York Stock Exchange
Fannie Mae was a shareholder-owned company listed on the NYSE for decades. That ended during the financial crisis. In September 2008, the Federal Housing Finance Agency placed Fannie Mae into conservatorship under authority granted by the Housing and Economic Recovery Act of 2008, transferring operational control from the board of directors to the FHFA.2Office of the Law Revision Counsel. 12 U.S. Code 4617 – Authority Over Critically Undercapitalized Regulated Entities
By June 2010, the share price had dropped below the NYSE’s $1 minimum. FHFA directed Fannie Mae to delist its common and preferred shares, and the stock moved to the OTC market, where it has stayed ever since.3Fannie Mae. Fannie Mae Announces OTC Bulletin Board Symbols
What You Actually Own as a Common Shareholder
A share of FNMA is a real ownership interest, but it sits at the bottom of a stack that is heavily loaded in Treasury’s favor. Private investors hold roughly 1.16 billion common shares and sixteen series of junior preferred stock. Every one of those private claims ranks behind Treasury’s senior preferred position.
Treasury’s stake has two parts. First, it holds senior preferred stock with a liquidation preference that must be paid before any other shareholder receives anything.4FHFA. Senior Preferred Stock Purchase Agreements Second, it holds warrants to purchase 79.9 percent of Fannie Mae’s common stock at an exercise price of $0.00001 per share.5Justia. Warrant Agreement Between Federal National Mortgage Association If Treasury exercises those warrants, existing common shareholders end up owning about a fifth of what they thought they owned. The warrants currently expire on September 7, 2028, though Treasury has said it expects to extend that date if needed to allow an orderly exit from conservatorship.6U.S. Department of the Treasury. Treasury Department and Federal Housing Finance Agency Amend Preferred Stock Purchase Agreements for Fannie Mae and Freddie Mac
No Dividends, and the Reason Why
Dividends on both common and junior preferred stock have been suspended since September 2008 and cannot resume without Treasury’s written consent, even after conservatorship ends.7SEC. Description of the Registrants Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 FNMA is not an income stock under any realistic scenario in the near term.
The reason involves a 2012 amendment to Treasury’s original bailout agreement, commonly called the net worth sweep. It replaced a fixed 10 percent dividend to Treasury with a variable one that pulled nearly all of Fannie Mae’s quarterly profits, leaving only a thin capital buffer.4FHFA. Senior Preferred Stock Purchase Agreements Private shareholders sued. In Collins v. Yellen, the Supreme Court held in 2021 that the sweep fell within FHFA’s statutory conservatorship authority and that courts could not enjoin it.8Supreme Court of the United States. Collins v. Yellen, 594 U.S. 220 (2021) A separate 2023 jury trial produced a $612 million verdict for shareholders on a good-faith-and-fair-dealing theory. FHFA has appealed, and that case is still pending.
What Might Change: The Path Out of Conservatorship
Fannie Mae has now been in conservatorship for more than seventeen years. There is no firm exit date, but the machinery has begun to move.
In 2019, Treasury and FHFA amended the stock purchase agreements to let Fannie Mae retain earnings again, up to a $25 billion capital reserve, which most observers treat as a prerequisite for eventual release.9U.S. Department of the Treasury. Treasury Department and FHFA Modify Terms of Preferred Stock Purchase Agreements In January 2025, a further amendment set out a formal process for ending the conservatorship. FHFA must issue a public request for information on options, gather input, and submit a recommendation to Treasury, and Treasury must consult with the President before consenting to a release.6U.S. Department of the Treasury. Treasury Department and Federal Housing Finance Agency Amend Preferred Stock Purchase Agreements for Fannie Mae and Freddie Mac
Privatization is a stated priority of the current administration. The key unresolved questions are how much capital Fannie Mae will need before release, what happens to Treasury’s senior preferred stock and warrants, and whether an IPO or some other restructuring will be used. Each answer could push existing private shares dramatically higher or wipe most of their value out. That range of outcomes is what people are actually buying or selling when they trade FNMA today.
Risks to Weigh Before You Buy
- Treasury’s senior preferred stock sits ahead of every private shareholder. In a liquidation, it collects its full liquidation preference before common holders see a dollar.
- Treasury’s warrants over 79.9 percent of the common stock, priced at essentially zero, can dilute existing shareholders by roughly a factor of five if exercised. Even the possibility of exercise weighs on the share price.
- No dividends have been paid since 2008 and none can resume without Treasury’s consent, regardless of how much money the company makes.7SEC. Description of the Registrants Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
- OTC liquidity is thinner than on the major exchanges. Spreads are wider, and getting out at a fair price on a bad day can be harder.
- The terms of any exit depend on FHFA, Treasury, and the White House. Political changes can accelerate, delay, or reshape the outcome.
Reading the Company’s Own Disclosures
Fannie Mae is off the major exchanges, but it still files as a full SEC registrant. Its common stock is registered under the Securities Exchange Act of 1934, and it produces the usual annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.10U.S. Securities and Exchange Commission. Testimony Concerning the Application of Federal Securities Law Disclosure and Reporting Requirements to Fannie Mae, Freddie Mac and the Federal Home Loan Banks
You can pull them yourself through the SEC’s EDGAR system by searching for Fannie Mae, the FNMA ticker, or the company’s CIK number.11SEC. EDGAR Full Text Search Audited financials, risk factors, and the terms of the Treasury agreements are all disclosed there. Before putting money into FNMA, read the most recent 10-K’s risk disclosures and the description of the securities. Those documents are where the actual terms of what you would own are spelled out.