Recent signals suggest Trump administration momentum on GSE privatization is building, with Bill Pulte stating an IPO decision would likely come "in the next month or two." However, Trump's $200 billion mortgage-backed securities directive has raised questions about IPO timing, with some experts arguing it "almost certainly" delays the offering as it signals the administration sees Fannie and Freddie as policy tools rather than IPO candidates. The 89-cent price swing reflects traders positioning on whether political momentum or policy utility takes precedence in the coming months.