The market for a near-term Fannie Mae IPO announcement has collapsed, with odds for an announcement before March 2027 plummeting to 9¢ from 47¢. The dramatic decline reflects growing skepticism about the Trump administration's ambitious timeline, as Pulte declined to rule it out, saying the president would decide in the next month or two whether to move ahead with the plan. Recent developments have complicated the path forward, including Trump order[ing] the companies to buy $200 billion in mortgage bonds, increasing uncertainty about the timing of reprivatization. Market observers note that Michael Burry's framing puts the IPO conversation on a longer clock, effectively shifting near-term focus away from imminent listings, with some analysts suggesting 2027 as the earliest realistic window. The uncertainty extends beyond timing to structure, as many key questions remain unanswered, including the percentage of shares to be listed, what role the government would maintain after the IPO, whether the shares to be offered would have voting rights.