Bill Ackman is as bullish as ever on Federal National Mortgage Association FNMA 1.82% and Federal Home Loan Mortgage Corp FMCC 1.14%, but the two stocks’ trading action this year suggests the market isn’t convinced.

Fannie Mae and Freddie Mac stocks are trading lower by roughly 30 percent each in what has been an exceptionally strong U.S. stock market this year. But in his most recent letter to investors, Ackman reassured Fannie and Freddie investors that the two government-sponsored enterprises are approaching a positive resolution.

Ackman listed four developments for Fannie and Freddie that have taken place over the last three months that he said are positive:

• A Republican National Committee resolution on September 13 calls for recapitalizing the GSEs.
• A Sept. 13 letter from six Democratic Senators urging Treasury Secretary Steve Mnuchin and the FHFA director to recapitalize the GSEs.
• Positive testimony from FHFA Director Mel Watt hinting at potential capital retention in the near future.
• Comments from Mnuchin that Fannie and Freddie would no longer be in conservatorship by the end of his four-year term in office.

“We believe…

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