Activist investor Bill Ackman has taken a 9.8 percent stake in both Fannie Mae and Freddie Mac, becoming the latest hedge fund heavyweight to muscle into the government-backed mortgage giants.
Uncle Sam bailed out both companies during the financial crisis. They are still operating under the government's auspices and are close to paying back billions in loans.
A recent hedge fund proposal put forth by Bruce Berkowitz, who runs Fairholme Capital Management, seeks to take them private with a $52 billion capitalization. Berkowitz was a partner of Ackman's in his prior hedge fund, Gotham Capital.
Ackman began buying the stocks Oct. 7 and continued through Thursday, according to filings with the Securities and Exchange Commission. He bought Fannie shares between $1.53 and $2.94 and Freddie between $1.50 and $2.74.
Based on Thursday closing prices, his 115.6 million shares of Fannie were worth $354 million and his 63.5 million shares of Freddie are valued at $184 million.
Both stocks were up more than 10 percent Friday morning.
Ackman's Pershing Square said it may engage the mortgage giants on a number of issues, including their "business, assets, capitalization, financial condition, operations, governance, management, strategy and future plans," according to a 13D, a document usually filed by activist investors with a large position in a stock.
Ackman could not immediately be reached for comment.
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