One Company, Two Charters: A Path to a $1 Trillion Fannie-Freddie Platform

One publicly traded American company. Two separately chartered and separately capitalized mortgage enterprises. One shared securitization, technology and data platform. The goal is to get the public-market benefits of an integrated platform without merging the charters or eliminating Fannie/Freddie operating competition.

$39.6BIllustrative normalised 2032 earnings, both enterprises plus the platform
~$990BIllustrative platform value at a 25x multiple
~$1.3BRecurring after-tax synergies identified, annual

01White Paper

Read the white paper: U.S. Financial Technology and Mortgage Corporation: An Illustrative Texas TopCo Transaction Proposal for Fannie Mae, Freddie Mac and U.S. Financial Technology (PDF)

02Summary Deck

The proposal in slide form: the structure, the platform argument and the valuation range condensed into seven slides.

Read the summary deck: One Company, Two Charters: A Path to a $1 Trillion Fannie-Freddie Platform – Summary Deck (PDF)

03Model

The working file behind every number in the paper, across nine tabs: Executive Summary, Sources, Assumptions, IPO Valuation, FinTech Build, Growth & Path, Capital Structure, Sensitivities, and Legal & Deal.

The assumptions are visible and editable. Change the terminal multiple or the platform build and the valuation range moves with them, which is the point – we would rather be argued with on the inputs than on the conclusion.

Download the model: USFTMC illustrative valuation model (XLSX)

Oksenholt Capital Management LLC · Illustrative only · Not investment advice · DYOR