Sunday night thoughts on $FNMA $FMCC, because this week deserves a recap. A week ago the knock on this trade was that nobody in charge would put a year on anything. Then Tuesday, Bessent goes on Halperin's show and says they'll be tackling the ownership structure next year or the year after. Wednesday, Pulte quote-tweets that exact line and says he believes the same. Thursday, Ackman goes on CNBC, says he's met with the administration, that they see this as mission critical before the term ends, and that they should get busy right after the new year and get it done in 2027. Fannie closed Thursday at $4+ on nearly three times its normal volume. And in the background, almost nobody noticed, the D.C. Circuit refused to rehear the case where a jury found FHFA breached its duty to shareholders over the net worth sweep. That verdict stands. So in one week we went from silence to the Treasury Secretary, the FHFA director, and the largest private shareholder all pointing at the same window, plus a court backing shareholders. That's the most constructive week this trade has had in a long time, and the stock is still sitting around $4. This week is a big one too. The Fed meets Tuesday and Wednesday, Q3 earnings should be right around then, and the midterms are nine days out. I'll say what I always say. It's a long-term hold, nothing is "imminent," and I'm fine being early. But I'll be honest, being early feels a lot better tonight than it did last Sunday.