十几年的故事即将走向终局，还有2倍往上的机会，干吗？

Core Viewpoint - The article discusses the potential investment opportunities in the U.S. housing finance giants, Fannie Mae and Freddie Mac, highlighting their significant profit potential and the upcoming IPO that could transform them from concept stocks to reality [2][3][7]. Group 1: Current Status of Fannie Mae and Freddie Mac - Fannie Mae's projected net profit for 2024 is $11.6 billion, indicating steady growth despite past fluctuations [9]. - The combined valuation of Fannie Mae and Freddie Mac is estimated to be between $500 billion and $700 billion, based on their profits [11]. - Fannie Mae's current market capitalization is approximately $92 billion, reflecting a significant increase [12]. Group 2: Historical Context and Government Intervention - The story of Fannie Mae and Freddie Mac began in 2008 during the financial crisis, leading to government intervention and the companies being placed under a conservatorship [16][19]. - The government required these entities to pay a 10% dividend on senior preferred stock, which significantly impacted their ability to retain earnings [19]. - In 2012, the Obama administration unilaterally changed the terms of the conservatorship, requiring all profits to be paid to the government, which effectively stripped shareholders of their rights [19][21]. Group 3: Legal Challenges and Future Outlook - Since 2013, numerous lawsuits have been filed against the government regarding the treatment of Fannie Mae and Freddie Mac, with a recent ruling in favor of shareholders [25][28]. - The potential for an IPO has been reignited, especially with the possibility of Trump’s re-election, which could lead to significant market movements [30][32]. - If the companies achieve a market valuation of $500 billion, existing shareholders could see their equity diluted but still retain substantial value [32].