The market has dramatically reversed on Freddie Mac's IPO timeline, with odds collapsing from 95¢ to just 6¢ (-89¢) that an announcement comes before November 1. This crash comes as Trump's directive for $200 billion in mortgage bond purchases has complicated privatization plans, with experts predicting the moves "almost certainly" delay IPO timing. The massive bond-buying program makes it "more likely than not they don't happen in 2026", according to legal experts. The market is now pricing in the reality that using Fannie and Freddie as policy tools to lower mortgage rates takes precedence over privatization plans that Wall Street had eagerly anticipated.