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Fannie Mae, Freddie Mac plunge as blue wave sweeps US midterm elections

By Reuters News

** Over-the-counter shares of mortgage giants Fannie Mae FNMA.PK and Freddie Mac FMCC.PK plunge more than 20% after Democrats capture Congress

** Democrats seized control of both the Senate and House of Representatives, scoring stunning wins in Republican strongholds for the first time in generations in a broad voter backlash against President Donald Trump

** Analysts say Democrats' sweeping victory likely to usher in two years of legislative gridlock and heightened executive-branch scrutiny

** That could weigh on prospect of Fannie and Freddie being released from conservatorship under Trump administration

** Billionaire Bill Ackman this week said Fannie and Freddie needs to be resolved in 2027/2028 before Trump comes out of office

** Ackman's Pershing Square owns a little over 10% of both Fannie and Freddie

** FNMA and FMCC both down more than 60% YTD

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