Latest news with #Fannie
Yahoo
7 days ago
- Business
- Yahoo
Two of the biggest names in the Trump trade are teaming up to uncover mortgage fraud
Palantir and Fannie Mae are teaming up for an effort to uncover mortgage fraud. Fannie says the partnership will deploy Palantir's AI tools to detect suspicious activity. Shares of both Palantir and Fannie Mae have rallied sharply since Trump's election win. Palantir and Fannie Mae, two firms that have been at the heart of the Trump trade, are teaming up for a push to root out fraud in the mortgage market. The government-sponsored mortgage finance giant announced on Wednesday that it would use artificial intelligence tools developed by Palantir in its newly created Crime Detection Unit. "This foundation will power Fannie Mae's Crime Detection Unit, a new platform that the company believes will help detect and prevent mortgage fraud with speed and precision never before seen in the U.S. housing market," Fannie said in a statement. "This partnership with Fannie Mae will set off a revolution in how we combat mortgage fraud in this country. We are bringing the fight directly to anyone who attempts to defraud our mortgage system and exploit hardworking Americans," Alex Karp, co-founder and CEO of Palantir, said. The team-up is the latest win for Palantir, which has been inking more contracts with the federal government since Trump entered the White House. The AI software company is reportedly helping the Internal Revenue Service with a huge data project, Wired wrote in April. The tech firm is also working with US Immigration and Customs Enforcement on a visa-tracking program, with ICE paying $30 million for the company's software tools. Palantir stock is up 62% year-to-date and has gained almost 150% since the November election. Meanwhile, shares of Fannie Mae have soared on the possibility that the Trump administration will release it and fellow mortgage giant Freddie Mac from government control. The two companies were taken over in the aftermath of the 2008 housing crisis as the government feared their potential insolvency could further rock the economy. Their profits have been collected by the US Treasury since. Fannie Mae stock is up almost 200% in 2025. Read the original article on Business Insider
Yahoo
7 days ago
- Business
- Yahoo
Two of the biggest names in the Trump trade are teaming up to uncover mortgage fraud
Palantir and Fannie Mae are teaming up for an effort to uncover mortgage fraud. Fannie says the partnership will deploy Palantir's AI tools to detect suspicious activity. Shares of both Palantir and Fannie Mae have rallied sharply since Trump's election win. Palantir and Fannie Mae, two firms that have been at the heart of the Trump trade, are teaming up for a push to root out fraud in the mortgage market. The government-sponsored mortgage finance giant announced on Wednesday that it would use artificial intelligence tools developed by Palantir in its newly created Crime Detection Unit. "This foundation will power Fannie Mae's Crime Detection Unit, a new platform that the company believes will help detect and prevent mortgage fraud with speed and precision never before seen in the U.S. housing market," Fannie said in a statement. "This partnership with Fannie Mae will set off a revolution in how we combat mortgage fraud in this country. We are bringing the fight directly to anyone who attempts to defraud our mortgage system and exploit hardworking Americans," Alex Karp, co-founder and CEO of Palantir, said. The team-up is the latest win for Palantir, which has been inking more contracts with the federal government since Trump entered the White House. The AI software company is reportedly helping the Internal Revenue Service with a huge data project, Wired wrote in April. The tech firm is also working with US Immigration and Customs Enforcement on a visa-tracking program, with ICE paying $30 million for the company's software tools. Palantir stock is up 62% year-to-date and has gained almost 150% since the November election. Meanwhile, shares of Fannie Mae have soared on the possibility that the Trump administration will release it and fellow mortgage giant Freddie Mac from government control. The two companies were taken over in the aftermath of the 2008 housing crisis as the government feared their potential insolvency could further rock the economy. Their profits have been collected by the US Treasury since. Fannie Mae stock is up almost 200% in 2025. Read the original article on Business Insider Sign in to access your portfolio
Business Insider
7 days ago
- Business
- Business Insider
Two of the biggest names in the Trump trade are teaming up to uncover mortgage fraud
Palantir and Fannie Mae are teaming up for an effort to uncover mortgage fraud. Fannie says the partnership will deploy Palantir's AI tools to detect suspicious activity. Shares of both Palantir and Fannie Mae have rallied sharply since Trump's election win. Palantir and Fannie Mae, two firms that have been at the heart of the Trump trade, are teaming up for a push to root out fraud in the mortgage market. The government-sponsored mortgage finance giant announced on Wednesday that it would use artificial intelligence tools developed by Palantir in its newly created Crime Detection Unit. "This foundation will power Fannie Mae's Crime Detection Unit, a new platform that the company believes will help detect and prevent mortgage fraud with speed and precision never before seen in the U.S. housing market," Fannie said in a statement. "This partnership with Fannie Mae will set off a revolution in how we combat mortgage fraud in this country. We are bringing the fight directly to anyone who attempts to defraud our mortgage system and exploit hardworking Americans," Alex Karp, co-founder and CEO of Palantir, said. The team-up is the latest win for Palantir, which has been inking more contracts with the federal government since Trump entered the White House. The AI software company is reportedly helping the Internal Revenue Service with a huge data project, Wired wrote in April. The tech firm is also working with US Immigration and Customs Enforcement on a visa-tracking program, with ICE paying $30 million for the company's software tools. Palantir stock is up 62% year-to-date and has gained almost 150% since the November election. Meanwhile, shares of Fannie Mae have soared on the possibility that the Trump administration will release it and fellow mortgage giant Freddie Mac from government control. The two companies were taken over in the aftermath of the 2008 housing crisis as the government feared their potential insolvency could further rock the economy. Their profits have been collected by the US Treasury since. Fannie Mae stock is up almost 200% in 2025.
Miami Herald
7 days ago
- Business
- Miami Herald
Billionaire Bill Ackman may get big payday from White House
Shares of Fannie Mae and Freddie Mac surged after U.S. President Donald Trump said he is working on taking the two government-controlled mortgage giants public, a move that many shareholders hailed. In a post on his Truth Social platform on May 27, Trump praised the two companies' "vital service" to the American dream of homeownership. The two entities help provide stability and affordability to the U.S. housing market by backing trillions of dollars in home loans. "I am working on TAKING THESE AMAZING COMPANIES PUBLIC, but I want to be clear, the U.S. Government will keep its implicit GUARANTEES, and I will stay strong in my position on overseeing them as President," Trump wrote. Fannie Mae and Freddie Mac are government-sponsored enterprises that have been under federal conservatorship since the 2008 financial crisis. The official names of the two enterprises are the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, respectively. Trump unsuccessfully attempted to remove Fannie and Freddie from U.S. government control in 2019 during his first administration. Despite being government-controlled, their shares are still traded on over-the-counter markets and have drawn strong interest from hedge funds and institutional investors. Earlier this month, Trump said he was giving "very serious consideration to bringing Fannie Mae and Freddie Mac public," noting they are "doing very well, throwing off a lot of CASH." Following the statement, the shares just hit their highest since 2008. Fannie shares (FNMA) rose 2.2% to $10.78, while Freddie (FMCC) gained 5.3% to $8 at the market close on May 28. Image source: Siskin/McMullan via Getty Images Among the investors cheering the announcement is billionaire fund manager Bill Ackman. In a recent X post, he responded to Trump with two thumbs up. Through his firm, Pershing Square Capital Management, Ackman has invested in both mortgage giants and has repeatedly pushed for their release from conservatorship. He called it the "biggest deal in history" and estimated that the government could make $300 billion if the companies are restructured and released, according to Bloomberg. "Fannie and Freddie represent a royalty on first mortgages secured by the U.S. housing market, which is a low-risk, high risk-adjusted return investment that will generate large and growing dividends that can be invested in other sovereign fund assets," Ackman said in a March post on X. Related: Billionaire Bill Ackman buys $2.8 billion of popular tech stock "The long-term returns on F2 [Fannie Mae and Freddie Mac] will significantly exceed the cost of U.S. Treasurys enabling our country to deleverage over time," he added. Ackman's interest in real estate extends beyond the mortgage agencies. Earlier this month, Pershing Square announced a $900 million deal to acquire 9 million newly issued shares of Howard Hughes Holdings (HHH) , a real estate company focused on developing large-scale communities and commercial districts. Ackman plans to turn Howard Hughes into a "modern-day version of Berkshire." More Real Estate: SALT income tax deduction takes critical step forwardBuffett's Berkshire predicts major housing market shift soonHomeownership trend surges among Gen Z and Millennials In 1965, legendary investor Warren Buffett bought control of Berkshire Hathaway, then a struggling textile manufacturer. He gradually sold off the textile businesses and invested heavily in insurance, utilities, retailing, and other businesses. "Fortunately, our starting base of assets won't be a dying textile company, but a very good business," Ackman said. "We will adopt similar, long-term, shareholder-oriented principles to Berkshire, and we intend to hold the stock forever." Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
UPI
28-05-2025
- Business
- UPI
Fannie Mae joins Palantir to launch AI-run mortgage fraud unit
May 28 (UPI) -- Financial giant Fannie Mae said Wednesday it will launch its AI-powered unit to detect and prevent mortgage fraud in a partnership with AI software company Palantir. "By integrating this leading AI technology, we will look across millions of datasets to detect patterns that were previously undetectable," said Fannie Mae's president and chief executive officer Priscilla Almodovar. Fannie Mae, which holds more than $4 trillion in U.S. housing market assets, is the nation's single largest holder of outstanding residential mortgage debt. The launch of its new artificial intelligence-powered crime detection unit with Palantir seeks to expand Fannie's ability to sniff out fraud with "leading" scientific and investigative AI-enabled tech. The Washington-based Fannie Mae says its new capability will prevent and detect fraudulent activity with a "speed and precision" that, according to the company, has "never before" been seen designed to save millions of dollars in future financial losses to fraud in the U.S. housing market. "This new partnership will combat mortgage fraud, helping to safeguard the U.S. mortgage market for lenders, homebuyers and taxpayers," Fannie's Almodovar continued. Fannie Mae, which likewise owns or guarantees roughly one in four single-family mortgages and about 20% of America's multifamily mortgages, says Palantir's technology will provide "expansive" monitoring for anomalous transactions, activities and other digital behaviors. According to Fannie officials, it will not only detect suspicious activity but ultimately will "trigger investigative action." "No one is above the law," Fannie Mae Chairman William Pulte said in a statement. Palantir was one of eight major tech firms to sign on to then-President Joe Biden's voluntary commitment in 2023 aimed to ensure AI tech is utilized responsibly. On Wednesday, its top official said the Fannie Mae partnership will set off "a revolution in how we combat mortgage fraud" in the United States. "We are bringing the fight directly to anyone who attempts to defraud our mortgage system and exploit hardworking Americans," says Alex Karp, co-founder and CEO of Palantir Technologies.
