On Friday, Fannie Mae's stock closed at just under $10 after reports of White House plans to sell a partial stake in the mortgage-finance giant. That’s roughly seven times its $1.39 price on the day President Trump was elected. Its sister company, Freddie Mac, has seen a similar surge.

Not bad for two firms that have been under government conservatorship for the last 17 years. Apparently, markets now believe that privatization, with a lucrative payout for shareholders, is a real possibility.

Bill Ackman, one of several billionaire hedge fund managers with disclosed........

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