Yes, Fannie Mae is publicly traded, but not on a major exchange. Its common stock trades on the over-the-counter market under the ticker FNMA, where it has changed hands since being delisted from the New York Stock Exchange in 2010. Because the company has been under federal conservatorship since 2008, buying FNMA is unlike buying stock in an ordinary public company, and the risks that come with it are unusual enough to understand in detail before placing an order.
Where Fannie Mae Stock Trades
Fannie Mae common stock trades on the OTCQB tier of OTC Markets under the ticker FNMA.1OTC Markets. FNMA – Fannie Mae Quote As of early 2026, the 52-week price range has run roughly $4.83 to $15.99. Most retail brokerage accounts can access OTC Markets, so buying shares is generally as straightforward as placing an order for any listed stock. Freddie Mac, the other government-sponsored mortgage enterprise, trades on the same platform under the ticker FMCC.
The mechanics of OTC trading differ from a major exchange. Fewer buyers and sellers are active at any given moment, bid-ask spreads tend to be wider, and prices can swing more sharply on smaller volume. Limit orders, which cap the price you are willing to pay, matter more here than they would on the NYSE or Nasdaq.
Why Fannie Mae Isn’t on the NYSE Anymore
Fannie Mae operated as a shareholder-owned company with NYSE-listed stock for decades. In September 2008, at the height of the financial crisis, the Federal Housing Finance Agency placed the company into conservatorship under authority granted by the Housing and Economic Recovery Act of 2008.2Office of the Law Revision Counsel. 12 U.S. Code 4617 – Authority Over Critically Undercapitalized Regulated Entities Control of the company’s operations passed from its board to the FHFA, which still runs it today.
By June 2010, the share price had fallen well below the NYSE’s $1 minimum listing requirement. FHFA directed Fannie Mae to delist its common and preferred stock, and the shares moved to the OTC market.3Fannie Mae. Fannie Mae Announces OTC Bulletin Board Symbols The delisting reflected the collapse in the stock’s price, not any regulatory penalty, and shares have not returned to a major exchange since.
Who Really Owns Fannie Mae
Ownership is split between the federal government and private shareholders, and the split is deeply lopsided in Treasury’s favor. The U.S. Treasury holds senior preferred stock that sits ahead of every other investor for dividends and any future distribution of assets.4FHFA. Senior Preferred Stock Purchase Agreements Treasury also holds warrants to purchase 79.9 percent of Fannie Mae’s common stock at $0.00001 per share, essentially nothing.5Justia. Warrant Agreement Between Federal National Mortgage Association Those warrants currently expire on September 7, 2028, though Treasury has said it expects to extend that date if needed to avoid a disorderly 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
Private investors hold roughly 1.16 billion shares of common stock along with sixteen separate series of junior preferred stock. Every one of those private claims ranks behind Treasury’s senior preferred stock. Common shareholders sit at the bottom of the priority ladder, below Treasury, debt holders, and junior preferred shareholders.
What FNMA Shareholders Actually Get
Common and preferred dividends have been suspended since conservatorship began in September 2008, and they 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 Buying FNMA today is not an income investment. It is a bet on what happens when the conservatorship ends and on the terms negotiated at that point.
The main risks are specific to Fannie Mae’s structure:
- Government priority. If the company were ever liquidated, Treasury’s senior preferred stock would be paid in full before any private investor received a dollar.
- Warrant dilution. Treasury’s right to buy 79.9 percent of common stock at essentially zero cost hangs over every existing share. Even the possibility that the warrants get exercised affects what private shares are worth.
- No dividends, indefinitely. Suspension has held since 2008 and cannot be lifted unilaterally by the company.
- OTC liquidity. Fewer participants, wider spreads, and potentially harder exits than on a major exchange.
- Political outcome. The terms of any exit depend on decisions by FHFA, Treasury, and the White House, and a change in administration or policy priorities can reshape the outcome.
Where Privatization Stands
Fannie Mae has been in conservatorship for more than seventeen years, one of the longest federal takeovers in American history. There is no firm end date, but the process has moved from theoretical to active.
In 2019, Treasury and FHFA amended the stock purchase agreements to let Fannie Mae retain earnings again, up to a $25 billion capital reserve.8U.S. Department of the Treasury. Treasury Department and FHFA Modify Terms of Preferred Stock Purchase Agreements Rebuilding capital is generally treated as a prerequisite for release. In January 2025, Treasury and FHFA signed a further amendment laying out a formal exit process: FHFA must issue a public request for information on options for ending the conservatorship, gather input, submit a recommended approach 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, but the terms remain unresolved. How much capital Fannie Mae would need before release, what happens to Treasury’s senior preferred stock and warrants, and whether an initial public offering or another restructuring is used will each move the value of existing private shares. Depending on how those questions are answered, the resolution could substantially reward current shareholders or dilute them heavily.
Researching Fannie Mae Before You Buy
Even off the major exchanges, Fannie Mae files the same financial disclosures as any large public company. It registered its common stock under the Securities Exchange Act of 1934 and remains subject to the SEC’s full reporting requirements.9U.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 Annual reports on Form 10-K, quarterly reports on Form 10-Q, and current event reports on Form 8-K are all publicly available through the SEC’s EDGAR system.10SEC. EDGAR Full Text Search Those filings contain audited financial statements, detailed risk disclosures, and management discussion of the company’s relationship with Treasury. For anyone weighing a purchase of FNMA, they are the most reliable place to check the current picture.